Not saying to ask your GC to hold your hand and educate you, but learn as much as you can observing the order of things, management tips, and note who is there doing quality work, etc.  

@Joel Owens Your observations reflect my own quite closely - especially since we are in quite different markets.

McLennan CAD Property ID:xxxLegal Description (partial):xxx Block 3 Lot 4B 5 Acres 0.2083 ADDRESS: 2222 xxxx Ave.Waco, Texas 76706-2906DWELLING: The house and outbuilding(s) located at the above addressSELLER:Maria S xxxBUYER:Waco House BUYER, LLCTERMS:$xxx CashTerms and ConditionsSELLER warrants there are no outstanding “fix-it” letters or letters of demand for repairs, code violations, hazardous conditions or red tags from the city, county, or any other government agency.Offer is contingent upon BUYER being able to obtain a standard fire insurance policy.BUYER agrees to waive standard lead-based paint and asbestos tests required for older properties—years built from 1938 to 1952.SELLER warrants DWELLING is “hooked up” and serviced by city/county water and sewer providers.BUYER has observed marginal condition of roof on the DWELLING.

I want someone who can go in and identify these items, spot the things that I have missed (I am an ungifted amateur at best, but at least observant :) ) and quote out the things to be fixed as well as a list of updates we want done.Any pointers much appreciated!

We have been approached by a cellular service provider that wants to lease rooftop space on a commercial building.

@Tony VelezThe 50% guideline is simply a statistical observation: looking at a sample of rental properties, over time the operating costs run approximately 50% of the gross revenue.

The biggest cause of piercing the corporate veil is not observing corporate formalities. 

From your comments, it is obvious that you are an astute observer of reading between the lines.

That, you don't want.This "rule of thumb" should be observed in contracts where valuation of the option is more difficult to reach.

I would suggest you're not ready based on the observation that you don't know how MF properties are valued based on your opinion that it's a low appreciation area.