Buying a multiuse building.

[Shane Craig]

In the process of purchasing a multiuse commercial building( 2 commercial spaces, 2000 sq ft (2nd Floor), and a 2 car garage. The building is in d quality( needs new roof, windows, and the whole upstairs needs replaced) but in a B neighborhood.

Buying a commercial space that needs this much work is a new endeavor for me. I own multiple single residential homes and a multifamily apartment complex but I don't own any commercial/retail spaces.

Here are my questions.

1. How challenging is it to rent commercial spaces and how are the tenants different than single family homes( I assume they are better).

2. Also how are commercial leases different than residential( what should I included in my lease) ?

3. The upstairs is a blank slate and I have multiple ideas that I'm considering( 2/1 ba( super small bedrooms) or 1bdrm/1ba. Should I go high end finishes or stay basic?

4. Any advice on updating commercial buildings that are almost 100 yrs old( the electrical has been updated and some of the plumbing).

5. Any general advice on commercial/ retail spaces ( should I offer free wifi , should I put security cameras, should I put a sign up that has my contact information in cause of an emergency)?