I am planing for a new basement renovation like 2 bedroom full bathroom, Kitchen and concrete stair exit from side.

Depending on how hot the market you are targeting is you will need to be prepared to move quickly when a property you like comes on the market.

I'm hoping by joining this group and being able to share some of my knowledge on the construction side I will be able to learn some on the investment side.

By renting out space you are not using, you are running side business of a subleasing space / virtual office which they may not be to happy about.

There are always two sides to the story.

Due to your location I would check out AA, Howard and Balt on the MD side.  

Some stuff like flooring is possible as they just move everything to one side, install on the other and then reverse but its a pain for the crew.Larger renovations (e.g. new floor tiles or new bathroom) means the tenant has to stay out of that space for at least a day, usually more.

I read that rents are down at least 3% in the hot markets of SF, NYC and Boston?

I work with investors on both sides of the boarder.

Folks, this article provides a very helpful side-by-side comparison of 1031 v.