Own a commercial Building and Need advice on what to do next.

[Chris Packer]

Over the last several years, I started a business and as part of that business we purchased a building.  I recently shut down the business, so now I have a commercial buildling that has appreciated in value by about 60% since I purchased it.  My plan all along has been to hold on to the buildling and lease it out so that I own an investment asset.  I have owned some residental rental properties in the past, so I have some experience and definitely interested in real estate investing.  I am in a bit of a bind personal finance wise because I should have gotten out of the business I shut down sooner.  I currently haver a private mortgage on the property that I will need to refinance in about a year or I have to pay a baloon payment.  The buildling is in a good location but it needs some work.  I need to put HVAC in the building (at least the bare minimum) and I need to repair the roof.  I have gotten some estimates and that looks like about $30k total if I just use local contractors, If I do some of the work myself and do it as cheap as possible, I might be able to do it for $20k.  Building Stats: I owe ~$250k on the building, I have had offers to sell it for $390-400k.  The property will lease for about $3k/mo and my current payment with the terms of my current private mortgage is $2100/mo.  Bottom line is that I believe in real estate investing for the long term, and feel like I'm in an advantageous position, but am pretty cash poor currently, and don't want to walk away from a good deal if this is the one.  I could really use some input from some of you who can see this more clearly.  TIA.