New Business Venture...where do we start?

[Wes Phelps]

Morning all, my name is Wes, I have been in Finance and Financial Services for about 10 years and have decided to branch out and explore what else is out there. That being said, I've been an avid BP podcast listener for the past year or so. My best friend and I have always talked about getting into real estate but have essentially been halted by our profession as well as paralysis by analysis (at least on my end). Keep in mind my friend, Mo, is also a doctor, and his wife is a surgeon. So cash flow isn't as much a worry as I'm sure it is for most. 

That being said, we have a couple items id list to start tackling. The first item is Mo's dad has a building that is paid for and vacant. We were thinking about putting some sort of store in the location, but cant nail down a specific product(s). Our thought is potentially a Vape shop, but don't have any connections regarding a supplier. So the first question is, where would be a good place to start looking for said supplier? Also, is this a good industry to get in? Id say we have a leg up on most because we don't have a building to pay for, so margins should be favorable. Cant say for sure until we can get in front of a supplier. 

We also have several properties in our home town that Mo's dad is willing to sell/gift to him. This would allow us to take rental income for the time being, and potential look at more of a residential development project in the future. There is a University and Hospital within walking distance. Mo had his residency at this particular hospital so we would push for our tenants to also be residence or traveling nurses of the hospital.

Luckily I have another buddy, Mike, who can fix just about anything and has worked with contractors for a number of years. He would be my go to if things needed fixed. 

For myself and my wife (who is a property manager as her 9-5), we need to be the eyes and ears on the ground since Mo currently lives out of state. Im not sure if I need to create an LLC as a property management company, or if we can fly by the seat of our pants for the time being. That would be another question I most likely need to ask my CPA.

Lastly, I will be the one in the acquisition of new property. So that is something else I have been looking at and speaking with local realtors. My only question is how do I become a liaison in a deal if Mo is not available to make a decision? To me it sounds like I would need to be a co-signer of some sort under his LLC?

Im currently working on a business plan that breaks down responsibilities, expectations, and pay. Just so there is no muddy water. This part I can handle :)

Summary: 

Is a Vape shop a good business to look into? If not, what is another good industry with high margins?  (gift shop/coffee shop/etc)

Is the creation of an LLC more beneficial to start now, or can we wait?

Best way to proceed with a business transaction if Mo is not available?

I appreciate any help offered!

Best, 

Wes P