Remodeled the basement unit and made new/clean looking.

US immigration ran a criminal background check on me when I came to the USA 35 years ago (it was clean!)

Learned how to schedule and manage subcontractors as i was doing about 75% of the work on this property myself and subbing out trades (plumbing, electric, drywall, HVAC).

We added value to this deal by doing some updates on the kitchen, electrical, and yard.

Less expense as well as you're not supplying consumables, paying cleaning, paying for broken furniture glasses, etc. - Rental policy is required.

Because I will be doing the rehab and garage is a clean slate, here are a few options I am considering:Convert it to a master suite, which will make the house a 4/2 with 1500sfConvert it to a studioConvert it to a 1/1 My goal at the moment is to maximize ARV for refi, but I am not sure how the appraiser will look at it.

On one hand it's a good news that there will be new opportunities coming to Memphis with the new Ford Electric Vehicle plant. 

@Howard ThomasMake sure to hire a qualified inspector to make sure the foundation, electric (not knob and tube), roof, and plumbing is in good condition.

These are all mass repetitive "Contained" environments.Now the next great investment will be Auto over the road trucks, Nano Cancer treatments, Nano crop pesticide reduction, Solar electric surface paint generation, Water pumping technology from the Mississippi River to California/Arizona (reverse Dam management(actually don't recommend this, will cause excess salination of the Gulf)), Certified Individualized Student learning platforms, etc. 

Clean the place up, bump it up to market rate, and be more deliberate when screening in the future.