You just use a regular lease,, list it by the room by number,, one person per room, one person per lease, if your renting by the room.

The Bigger Pockets book store if full of great books: https://www.biggerpockets.com/store

Does the hard money company decide when you eligible for a regular mortgage or will they let you exit as soon as you can , can find a bank to take over the loan that is?

You could keep it as a rental, execute a 1031 of your own, or sell it with little or no tax burden.I know that was a wall of text, but this strategy is one that our investors use regularly to defer or avoid taxation when they want to get out of an old investment and into something more lucrative.Anyway, you have options!

The Bigger Pockets book store if full of great books: https://www.biggerpockets.com/store

Never put anything but waterproof flooring in a basement, this is only about $2.sf at Lowes, any good flooring store.

You have to regularly inspect it.You might have a moisture problem.

I have used the program on a regular basis for 15 years for many different sized companies, in both the desktop version and online.  

Do not cut any corners on estimates to make something look better on paper but is not real..Track all income and expenses by project and in report form and review them regularly with a few other people you trust and understand your goals and plans.   

The rest of the work can be handled by a handyman that the PM hires and oversees them Having the onsite manager is cheaper than my regular PM company when you consider all the costs of his rent, management, landscaping, and repairs.