If you have 500k in equity, not sure what the actual equity is: would you rather - repurchase your current property and assume and 2.6% rate ORfind some other investment that is made with the intention of being an investmentYou said the house is large and new - so current chances that you need major CAPEX is low but as this home ages and is in an expensive market realize that those updates will also be expensive.

How much gross leasable area, how many offices, current vacancy rate, age of building, any proximity to hospital or surgical center, what type of loan product for first lien, variable rate/fixed rate, the terms etc ie SOFR + what spread etc, current NOI, cost per square foot, replacement cost per sq ft, and any and all details you can share, I assume HENRY Capital compensation will be similar to your Fund 1, with 8% preferred and 80/20 split? 

Also your insurance expense will be higher due to the structure's age.  

If you are worried about the kinds of tenants then you just need a stringent screening process... more work, but is it worth it?

Ryan to your point on REIAs I decided to go to my local one I had not been to it in years.I went when they had guest speakers.. and of course it was an upsell to buy their program both of the ones I went to were by guys my age who were selling stuff that worked in the 80s LOL.

If you provide a refrigerator, if it breaks through age or no fault of the tenant, it's your responsibility to replace it.

With regard to the unevenness, while it is likely related to the age of the home it may have specific causes that can be addressed somewhat.

@Samson Hall, congratulations on starting real estate investing at a young age!

However, converting these into desirable, owner-occupied homes could capture untapped market segments, particularly as economic conditions improve.Age Distribution and Market DemandDiverse Age Groups: The presence of young adults and an aging population suggests varied housing needs—from starter homes to downsizing options.

And their roof loss settlement is "variable by roof age", not actual replacement cost, nor depreciation adjusted (most insurances will hold the depreciation portion of a claim till the repair is done and only then release the funds).Make sure you compare apples to apples when shopping around, pay attention to what they give you for "free", what deductibles apply and when exactly you can get coverage from the insurance and to what limits.