Also check for two means of egress in that basement you want to convert because fire code will require it.

You would have ongoing filing requirements with the State and would need to keep business records and documentation.

I offer a monthly fee program for clients like yourself and no AUM is required.  

As a broker, I'm always trying to find the best deal for the specific client and property.If you are looking for local private money lenders, your local real estate investment groups might have some leads for you as well.Most institutional private lenders are going to need an appraisal/valuation of the property, and permits to be issued for the construction of the building (if your area requires it). 

It seems like it is ran similar to section 8 housing with vouchers and specific property requirements. 

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when it was built it may not have been required Exposed wiring is not a safety hazard unless its bare wire . and a GFI is easy to replace .S traps were cade at one time , they are not now , but the house only has to be up to what the code was when it was built .Bilco doors , hard to say , but they are about $800 to buy .

Part of this was from years of differed maintenance.

(I am not required to pay tenants the interest on security deposits).

They take a bit longer to close but they typically DO close.I think you might be limiting yourself too much by requiring cash only and not listing them on the MLS.