Buying first Commercial property. Advice needed! See Pictures

[Kyle Grimm]

Myself and two business partners stumbled across this property very poorly marketed for sale by owner.  We found that the property has some great potential with the city building a library right across the street.  I don't want to get into the numbers at this point but I am in need of advice with dealing with my first commercial rental property.  There are two residential units upstairs that we won't have a problem renting.  But as far as the lower commercial unit, it was built for a chiropractor who owned it previously. Some questions I have:

• Should we leave the space in the current state and just paint the walls or should we take out any of the walls and make it more of a blank slate for our potential tenants? 
• How is the best way to advertise this space for lease?  Should I post on Loopnet and place signs in the yard? 
• How long should we ask the tenant agrees to stay? 
• Who pays for renovations to the unit if the potential tenant wants to make changes? 

I really have so many more questions as I dive into commercial for the first time.  I would love some of you who have been dealing with commercial to give me some advice.  I'd love to jump on the phone with anyone who has advice!  Inbox me.  See the pictures below of the building we are purchasing. 

[William Jenkins]

Looking at the photos, the space looks to be in good shape. I would not do anything to it aside from a deep clean.

Your profile shows St. Louis, Mo so I am assuming the property is located there as well. The market in STL is relatively good, but this does not translate 100% to class b and c space.

The tenant will be in the drivers seat for this type of space. Your most likely tenant is going to be a similar use to what was there before or just a general office user. Only offer buildout for extremely qualified (look at financials) tenants on a long term lease and build it into the rate. Try for a 5 year lease but realize that you may be year to year after they balk on it.