Considerate done!

They are a negative (dirty car etc.) so you should take that into consideration on your ARV.

So, I was thinking of just riding it out until I get a fresh tenant, then raise their rent considerably until they move or sign the lease.Thoughts...

Basement has proper window size/height off ground and staircase that meets egress code requirements.  

Otherwise, the advice may be incorrect and cause you harm.Every state has unique laws.Every state has unique legally acceptable legal forms with legally acceptable legal language for that state.The attorney will review your specific situation and then provide the best advice and options for your specific needs with a consideration for your future.

I want to make sure my risk is taken into consideration and I net as close to $10K as I can.

It's perhaps a workable deal, but give serious consideration and discussion to the scrapes that I've mentioned and decide if it's really something you and two other folks wanna tolerate, just to divide three ways the forecast $106.25/mo cashflow?

Hi Justin, I'm not a builder but I do know one of them personally so I will tell you what I he told me.There are zoning restrictions, and the biggest one he mentioned was that the height can't exceed the width of the buildings.

Set aside the financial considerations, just feels like it would be soul sucking.

I believe you can  create an estoppel certificate documenting the length and conditions of the tenancy and any other considerations or agreements between the tenant and Vendor.Since you inherit the existing lease, you honor its conditions- At the end of the lease you can raise the rents if you'd like- Hope this is helpful!