There's nothing left to cover expenses so you better have deep pockets to cover maintenance, admin, turns, etc.If you think you can quickly improve rents to a point that covers your expenses and pads your pocket a bit, then maybe, IF it hits your return threshold.If you're buying cash, then the mortgage is not a factor. 

The IRS has said, since 2017, that the improvement ratio or $ value is what your taxes are assessed as, unless you have a really compelling reason to use a different value. 

As insurance woes grow over the next couple of years, I dont see this improving. 

FHA loans with low down payments are ideal for this.In the meantime, focus on improving your credit score and maintaining a solid financial foundation.

I'm thinking of offering $450K (cash and bank loan), make improvements as leases end, and then refi and increase rents as necessary.

@Philip Jones we've helped our clients do over a hundred.As some of the lenders posting have pointed out, the challenges are:1) Property value and corresponding loan size2) Appraisals have much better comparables than 5 years ago, but may still be an issue.3) Property condition can be an issue via the appraisal4) Ownership seasoning - most lenders looking for 6+ months or incredible documentation for cost of improvements made.5) Most DSR lenders require professional property management.Always try a small local bank or credit union, but most will expect you to transfer your business bank accounts over to them. 

Since I enjoy the management and improvements and tools and growing a business, I chose to acquire my own properties.As for whether syndication is the "best way" ... it's totally whether the syndicator is good or not. 

I will offer this suggestion, If you can secure long-term tenants post-leaseback and consider future value-add improvements, the property could yield even greater returns.Also, keep a close eye on commercial real estate trends in Middle Tennessee, especially given the area’s growth.

A post on recapture:People are concerned about recapture when they cost segregate their improvements and for good reason.Recapture is real, and those deferred taxes will need to be paid.But fear not!

If mold remediation is done by a handyman without air sampling or post-remediation testing, it can lead to issues during the sale.