1st commercial property purchase help/advice

[Trent M.]

Hi, 

I have found my dream commercial property. Its a commercial retail space that has had 150,000k of upgrades. It was a old building run down and the city purchased it and fixed it up using TIF and then gave it to a Pharmacy owner.  In the process they gutted the second story and took out the stairs and the apartment above. It has a new roof, new heating, new air, water softner, security cameras, networking, and ip phone system, on top of granite counter tops, and a ice cream bar with about 5 to 10k worth of custom cabinets wood shelves for medicine display.

In our small town they are asking 40k for the building and I have struck a deal to pay 10k down and  I wanted her to finance the building to me with low payments for 5 months with the balance of 25k due for the entire building due in 6 months with the owner financing it. The payments would be over 5k a month of dead weight and overhead like electrical.

My goal for the building is to turn put Gambling machines, ice cream and pizza place (bringing back a dead mans legacy of our towns most unique pizza in his very own building).  With the high risks I wanted to use the gambling machines to offest the risk.

I have also wanted to separate the front and the back and turn it into a cannibals store in the front and video poker gaming in the back.

I don't have credit, I don't have debt, my house and car are paid for and I have never had any loans for anything. I don't use credit cards just a debit card. So I am out on conventional financing.

I  have solid skills and ideas about what to use the building for ... it has so many possibilities. I can't afford the dead weight of the building for over 6 months while I try to put together business and wait on license approvals and absorb the risk of changing the back part back into a pizza kitchen.

I want to keep the property in a entity and rent it out basically to my other business ideas. to keep it all separate.

ANYONE HAVE ANY SOLID ADVICE? the building is just awesome and its  just so many possibilities.

If I buy this and take it to a bank and they apprise it for 80k or something.. wouldn't that be like instant equity ? I am still not sure I would tap this? The Tif won't let me use its funds to purchase the property. I don't know why I couldn't use the TIF of a bridge loan to pay the expenses while I am building my ideas to open and waiting on all permits that might take longer than 6 months.

Why can't I get a long term commercial loan and get the payments down?