All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.That appears to close the loophole. 

@Ben RobertsIn your contract insert the words "subject to" your neighbor being confirmed by the court as the PR.

Which renders you subject to business, net profit, and school tax filings each year. 

Also keep in mind that if the basement is below grade it won't meet minimum standards of fitness for human habitation:"No room or area in a dwelling may be used for habitation if more than 1⁄2 of its floor-to-ceiling height is below the average grade of the adjoining ground and is subject to chronic dampness."

It would allow the community to register a silent opinion without invoking raging arguments between individuals which typically get off the subject quickly. 

If they bought when the market was sinking like me- they were out on a limb  because no one was buying - my friends were screaming I was crazy but I just focused on cash flow and didn't worry whether the market would go down further or if I'd go under water because I was making ok money with the rent. 

You will find everyone has a different opinion on this subject.

The other thing to keep in mind is that in DC if you own 5 or more units you will be subject to rent control.

(I sure hope your out-of-state experience goes up from here.)BankruptcyIf the tenant files bankruptcy, the eviction process is subject to the automatic stay in the bankruptcy case, and if an eviction action has been filed, it will be dropped from the State Court’s docket to be reset if the tenant’s bankruptcy case is dismissed.When a bankruptcy case is filed, we usually negotiate a Consent Order Conditionally Terminating the Automatic Stay.

Do what is average to the subject property in that neighberhood.Always remember to do the math analysis and try to look at the property before making an offer, especially on the first ones.