I have obtained a copy of a commercial lease and I'm going to review with my lawyer.I've also reviewed the zoning to get a better sense of the potential uses.

As the seller I would pay for the energy audit, do the analysis on the work to be done (cost vs savings) and then market the home with a prepackaged improvement contract that would meet lender guidelines (solar, EE windows, etc). 45 day close to allow for enough time to do loan and obtain permits, occupancy COE+2. 

Legal and Regulatory Steps:Establish an Association: You'll need to create a condominium association and draft the necessary declaration and bylaws (condo docs).City Approval: Obtain the necessary approvals from the local government or zoning board.

Use the value add to obtain sweat equity.  

So in our previous example: $500k purchase, $225k assumable mortgage..the lender might allow the qualified buyer to take over the $225k put $100k down in cash and obtain a second loan for $175k from another lender.

HI David..Someone in your office will need to obtain their NMLS Mortgage brokerage license but we have a complete system for RE professionals like Agents, Tax Professionals, Attorneys and Builders that enable you to be involved and compensated without the full responsibility of processing loans (which is not fun!)

As for your Question #2 above: Yes, obtain an attorney (well versed in real estate contract-law).

Once you have a few rehab projects under your belt, you can obtain 100% if the deal is very good. 

With so little inventory and bid wars , and hundreds of showings of each property to some fake buyer who never intends to buy house, I don't think Erics in this game are in any particular disadvantage compared to "licensed" REAs (licensed is in quotation marks,  since a lot of people seem to put too much significance into obtaining it, as if it was a law degree from Ivy League school).

I've seen some pretty healthy asking prices for land where all entitlements were obtained & approved.Also, I do understand that there's a cost paid to the geotech, architect & city prior to approvals.But...