Buying Commercial Building and Renting it to myself

[Ryan C.]

So I am renting a building for $650/month, the building is for sale. I'm thinking about buying the building and I think I can get it for about $50K. Yes, you read that right. $50,000. I can pay the building in cash, and own it out right. The building is in rough shape but it current functions fine for the current business that's in there. I believe the business I have in there can easily do $275k - $300k in sales a year. I'm going to use a real estate LLC to buy the building and rent it to my current LLC that is in there. I think I can BRRR this place in order to get equity and buy more buildings.

What things should I be looking for when I buy it? I plan on making an offer on the contingency that the building passes inspection.

If running the numbers what should the building be sold for?

I have been learning about CRE for the last year, and this would be my first purchase. I'm trying to buy it before someone else does, and jacks the rent on me.

Any comments, suggestions?