Keep in mind, everyone needs a place to live in landlords provide a service of providing those places and keeping them in good shape, updating it, etc.  

So, this whole "you must live in the property for 1 year" claim that we see online seems to be completely baseless.

That's on me, my other properties are in good shape, this one was always out of mind.

But mostly keep in mind that any property you find the local landlords already know about and did not desire it.

The only 110v dryers I see online are small portable units.

From the financing side of things - keep in mind that conventional cash out refinances require 12 months of seasoning in order to use the new appraised value.

I don't mind low cash flow with high appreciation, but that's my specific plan, it doesn't work for everyone.

Converting the partnership into a Tenancy in Common (TIC) could work, but keep in mind this requires dissolving the partnership structure and redistributing ownership, which may have tax implications depending on how it’s handled.

Just need to stat under the occupancy limit.Also keep in mind basement needs to be livable square footage, ie have egress and proper ceiling height. 

Keep in mind it’s more than likely most of the competitive banks these days for real estate investing may not be local!