They also likely have 2x2's for the interior wall as many of the "temporary" housing in Oak Ridge did originally.

He is INCREDIBLY thorough and his reports have been very helpful in negotiating final terms.

Learning the needs for and costs of debt is incredibly important.

@Jason HirkoYeah whatever works or do a lighter rehab and don't open up the ceilings/subfloors/walls if not totally necessary.

However, the basement was a disaster - asbestos floors, some plumbing and appliance issues, holes in the wall, etc.

The only way to hardwire them now is the open up the walls. 

You'll have to pay electric for the common areas, there may be holes or marks in the stairway walls that no one will fess up to, insurance will be higher too.Good luck and let us know how it goes!

Some questions I have:Should we leave the space in the current state and just paint the walls or should we take out any of the walls and make it more of a blank slate for our potential tenants? 

The market I am in has been very stable for a very long time...no incredible appreciations or depreciations of value (even through the housing crash of 2008).I realize selling it any time soon would be foolhardy, as I just bought the place within the past year. 

It's incredibly rare that I tell my clients to waive appraisal/inspection contingency, and yet somehow I was able to put dinner on the table tonight.