small commercial office, buying out partner for cash flow

[Johanna Murrell]

Wondering what to do with a potential opportunity. I have a relative selling a small medical office with a lot of equity in the building. Ownership of the office is shared with a partner. The building has only ever been "rented" by the owners, so I don't have any information on rental history. I'm considering trying to buy out the partner and share ownership with my relative. We have a good personal and professional relationship already. I'd like to renovate the office and allow both of us to get some cash flow. I have done several successful BRRR deals on residential single family homes, but I have no experience with commercial. I'm not sure if it would be better for all to renovate and rent or to just encourage them to sell for as much as they can get.

This office is on one of the few remaining corners on a busy road, but has limited parking and access due to new zoning nearby.  If I didn't have a specialized interest and the opportunity to pay for only half, I might not give the building a second look.  Does anyone have experience with this sort of situation who could share some insights?