I agree with Andy - get in there and assess the property, to see just how much work is left.Also, does zoning allow you to put a basement apartment in?

I assume in the absence of HOA, you are basically left working out a deal with your neighbors if a common area is in need of maintenance or repair (roof, common walls, deck, porch, fences, driveway, etc.).

We just do a basic prelim seaech to see what liens are present.

Is there a basic set of questions I should ask them?

Assuming they are month to month, you could start a new agreement the following month to cover the additional cost of the unit at say $100 extra lot rent.Funny, I basically recommended the same thing on your other post.

Banks look at your financials to assess the risk of the person they are lending to and if you show that you know how to use debt smartly they will love to lend you more especially when you can show them via documentation that your able to produce potential cash flow and 45k of proceeds with out even using one dime of your own money.

I worked as a real estate agent for brief time a couple of years ago so I have the basic understanding of how the real estate world works.

You won't learn a lot about investing, but you'll learn a lot of the basics that most newbies don't bother to learn, and never even knew existed, which can prevent problems down the road.

I'd advertise it now anyway, obviously emphasizing the ability for "custom" choices by he buyer, and just proceed with all the basics anyway, and see if a buyer steps up.

If the property is listed, there will be a commission involved, other than that, it's basically the same.