What would you do if...

[Ayodeji Kuponiyi]

My father is giving me a commercial lot worth $280K contingent on the environmental inspection report. A mechanic uses the lot and building for business and currently pays $1200/month which will increase to $1500 in the next few months. The mechanic is on a 5 year lease with my dad and the lease expires next year Q4. 

The lot cash flows but I'm not sure if I can refinance it (no mortgage payment) to purchase an apartment building which is my goal. I'm even wondering how do I go about getting insurance for it.

What are your thoughts fellow investors of BP? Thank you in advance!