This is not usually a feasible strategy if the property is owner occupied, but it works great for vacant houses.Check out the wholesaling course on BP if you haven’t already.What specifically are you looking for feedback on?

I think this is very feasible, and hopefully your handy with a hammer.

What would be a feasible compensation?

The basement is for storage only, so it's not livable space anyway. 

Just curious as to how one transitions into real estate investing fulltime. What route people usually go (buying and renting out vs house flipping) if its possible to be a silent partner in real estate deals by just p...

Does anybody have any suggestions as how to achieve my goal and is it feasible to do this in a 2-3 year time span?

Renovating the existing unit is not feasible (too tiny and too old). 

Is there need for RV or equipment storage in your area?

Here is what I do: I invest with different sponsors, among different asset classes (multifamily, mobile home parks, and self storage) and in different markets (Florida, Georgia, Arizona, Texas).

I own quite a few smaller multifamily investments in this town but have never purchased a larger plot of land like this so i'm  looking more in to what I can do with it (build other single family homes, storage, smaller multifamily?)