I haven't confirmed but I'm fairly certain that the basement isn't considered "habitable space" per city guildlines since it only has windows with proper egress in the kitchen area.My question is, how should I go about having an evaluation done to determine what I would need to complete to have the space permitted for renting without drawing unwanted attention that could have city inspectors knocking out at my door doling out violations?

Here are two books I'd recommend: What Every Real Estate Investor Needs to Know About Cash Flow - great for getting a handle on financial analysis.

To start with you're forgetting some expenses: CapEx (15% combined with Repairs)Management (10%), always include, even if you plan to self-manage at firstInsurance, probably ~$125/month.

She never lets anyone forget about what she learned. 1.

City permit costs, architects cost and other site work cost people often forget about like hooking up electrical service, sewer, gas etc and it kills any profit. 

You'll have a very short window (around 30 days usually) to close if you were to win the deal.Day of, you'll need to bring a check (cashier's normally), and usually be pre-registered for the auction.

Hi BP,I am looking for the best site to run background checks and credit checks on a potential roommate for my househack. I haven't ever ran a background or credit check on anyone and I was wondering what you guys rec...

Don't forget contingencies either.

You'll be in a good (theoretically) appreciating market, get to live for free and don't forget the amortization of the principal paydown. 

How do you continue to improve your analytical skills while also not redirecting precious time from your criteria window?