I even had one guy rent the furnace/mechanical room for a semester & his GF would often stay over.

Going into business with family can be very problematic.Assuming you still want to, the mechanics are pretty easy.  

It's a mixed bag.Pros: easy to work on & locate mechanicals; possibility of expanding living areas; provides ready storage potential.Cons: flooding/dampness/mold/mildew issues; entry potential for rodents/pests.About 2/3 of my houses have basements. 

There is a legal mechanism to start your syndication's capital raise structured under the 506b exemption to allow your sophisticated, but non-accredited friends and family to invest before transitioning to a 506c to allow marketing your deal to a greater audience that might not meet the prior substantive relationship requirement.

Well I am going to disagree.An alternative to wholesaling is to do a joint venture with the home seller, where you don't buy it but offer to do a mild rehab, let's say a house that needs updating, MILD REHAB, "grandma's house", Say Arv is 200,000, needs 20,000 in work, I like probate houses for this, the heirs want quick solution.Offer this to the seller, Mr Seller, we will do a joint venture, I'll come in with my money and do the rehab, pay the workers pay materials, then will use my agent to sell, pay the commissions and the closing costs, and then when the house sells I'll get a check for what it cost to do the rehab, and I'll charge joint venture fee, and that fee depends on a few factors.The mechanics are buy it sub2 or a note w no payments, own itGet private IRA loan for the $20KPlace guaranteed profit JV agreement for you and the sellerThen improve it - list it at 97% of comps with a high producing agent - work with agent on improvements as far as what buyers want."

You have very little leverage.As far as mechanics, I would do a complete new lease.If you're needing above market rent to survive, you may want to rethink keeping this property.

@Ross McKenzie my father used to be an auto mechanic, and he dabbled in bodywork too. 

We keep the major systems running well - electrical, plumbing, roof, mechanicals - but expect sheetrock repairs, missing/broken windows and screens, painting, carpet repair/replacement, junk haul-out and major cleaning when a tenant leaves. 

Our framer frames for two of the bigger builders in town, we have to pass a framing inspection with the city, each mechanical trade has to be independently licensed and has to pass (and schedule) their own inspections, I have COI for each sub, etc. 

@JscottCan you explain the mechanics where one adds themselves to the title of a property where  the property is currently mortgaged .