And will definately keep busting tail to get this going.

Screening is the biggest component so spend a lot of time looking them over.

The biggest issue is that you have to define what you expect and then think clearly if those expectations are reasonable.

First, you need to clearly define on paper what you want to accomplish and the time frame to accomplish it.

Components of the systems should be like for example, interiors like: Floors, walls, ceilings, doors, etc. 

This would be defined in the LLC's operating agreement (which you should definitely have for multi-member LLCs). 

I think the value add component is pretty key as reasonably priced turnkey properties are quite scarce but deals can be more easily found on properties that need a little work or that can be repositioned.

Is there a flexibility component where you might want to move back to where you are now?

Obviously hire a good inspector and look at major components like the HVAC, roof, sewer line, and things like that. 

BTW "Substantial Completion" is defined as the project site (basement) being used for the purpose for which it was intended.