Listing the elements you need to solve for during a named due diligence period (like those you have set forth) is a good practice and should be prefaced by the words: "Such as, but not limited to" which will then include any other factors that have not been specifically cited.In addition to citing the elements that define due diligence functions is the TIME needed to get them done.

We have started the process of converting our unfinished basement into a functional living area to rent out for games, graduations, move-in/move-out, etc.

Not only quality of PM's, but PM's being choosy about where/what they manage.I would reach out to Anna, my @ function isn't working today for some reason so I'll post her link.  

A new, expensive apartment in a hip area may be one you want to re-decorate  interiors frequently to keep it fresh, while an older property in workforce housing is more focused on clean and functional over style.

I would recommend looking at transferring the property into a land trust, then making the LLC function as the beneficiary.

Two parents and two kids (or even one parent and two kids) would be pretty cramped in 1k sq ft.Then there's also the factor of seasonality--February is a tough time to find tenants.Not allowing pets is a big thing in SLC (EVERYONE here has a dog)...I also generally don't allow pets, but it seriously reduces the pool...It might be worthwhile re-thinking your target market and the functionality of the house...families will be turned off for the reasons mentioned above... 

Under the income approach, they are going to discount NOI based on the perceived risk, even if its DSCR its a functional calculation of quailty of income e.g. cap rate.

,While being more than happy to answer questions please use the search function.

Use the lookup function.

It's more a question of function.