There has never been any sort of lease signed nor has she ever paid anything more than a few electric bills which are next to nothing since he has solar. 

, status of major building components (roof, HVAC, structural, electrical, plumbing), accounts receivable aging (are all tenants paying or is the $20,500 schedule rent?)

This figure includes allowances for heat, electric and any other utility that the tenat is required to pay and this is deducted from the FMR. 

With that in mind, you'd also have to make sure the land you'd buy has water and electric running to it already.

I updated the electrical, painted everything, and “cleaned the property up nicely” exterior and interior.

I currently am a resident here (so distance is non-factor) and I possess some handy skills that could save renovation costs (besides HVAC, structural issues, plumbing, electrical work).

., electrical, plumbing).Project Timeline:Start Date: For the portion of work they are completing.Completion Date: Set realistic deadlines for their tasks, adjusted to your overall project schedule.Liquidated Damages:Specify a daily amount to be deducted from their final payment if they fail to meet deadlines (with exceptions for factors beyond their control, like severe weather).

Each of the 5 warehouses on this campus will require updates (construction of offices/bathrooms, roof repairs, paint, siding repairs, new penetrations for doors, updates to electrical, insulation, and extension of water and sewer). 

New Roof, New Windows, Paint interior/Exterior, New Appliances, New Garage Door, New Fascia, New Fixtures (Bathroom and Ceiling fans), Electric Service Upgrade, 1204 Sqft, built 1960.

Estimated cost for remaining changes (all new electric, drywall, tile, fixtures, cabinets, roof, doors, windows, heat pump, some siding, and fencing.