I normally advise that people start a business as a sole propeitor in their first year.If it is successful and something you want to continue, then have a conversation regarding entities.

I am stumped as to if it is worth it to get a business bank account or just open a normal checking and savings account. 

Definitely a strong location with great visibility and high foot traffic.Since it’s a NNN,  your expenses are minimal, but if LazyDog ever exits, buildout costs will depend on lease terms and the next tenant.

Quote from @Nadeem Alamgir: Hey Brandon, those hiccups sound pretty normal, especially with an older property.

It's totally normal for it to take some time, often about a month or so.

With seller financing, you are already on the back foot so it seems like this would be a good time to make an asking price offer if your numbers suit it.

@Lucas DeAndradeWith the investors I work with they are  normally acquiring and average of 4 properties. 

In this case, correct, 1031 exchange is not available. 1031 exchange is property for property, and an interest in a partnership normally is not (with a few rare exceptions, so you may want someone knowledgeable to give you a second opinion for your particular situation, which requires reading your inheritance documents.)Whether or not you have any mitigation strategies totally depends on your specific situation and requires a one-on-one. 

It can definitely work, but make sure it starts on the right foot.

We all don't care how much Apple profits on our iPhone... what really matters is the product or value we get or in this terms the ROI on our principal.The fees can be broken down in the three main fees (so you might have to combine some of the above fees under one of the categories below):Acquisition fee (paid % of the asset price) - normally 1-3%Asset management (paid % of the income the asset produces) - normally 1-3%Distribution or exit fee (paid % of the sold asset price) - normally 1-3%Development fees (this is present in development deals) - exampleNOTE: Just because these fees are high or the split structure has too much going to the GP does not disqualify it.