I know this is a low volume of calls but my primary goal is to refine my script and learn the common objections that sellers have. 

You need a condo with a low monthly assessment and West Loop doesn't have many options. 

The reason we want to purchase the strip mall is because our coffee shop struggles to make leaps forward because the rent is so high, but if we owned it, we could make the rent as low as we want but still retain the equity to purchase other properties with.

However, they do typically use low comps so just be aware

FHA will allow you to go as low as 3.5% down, however.

I'm new too.I recently read Brandon Turner from BPs book on buying real estate with low and no money down... seems like some of the options in there might work really well for you. 

If it is a new build the 3% capex might make sense but the maintenance would still be too low.

Others will say to pay it off as quickly as possible and use the cash flow to start saving for your next property that way it's really hard for things to go south on you.If your multi-unit is residential I would recommend trying to secure a bank loan since you can get them at a low interest rate for 30 years and then enjoy the cash flow and start looking at other investments. 

I think they got lucky and found reasonably priced condos with low HOAs to make it work.  

Profit margins, after paying lot rent, is slim but possible in the lower quality communities assuming lot rent is low.