@John Backus One observation I take note of after reading this string is that the Property Manager seems to be looking at doing the repairs really nice.

That was not his first spot to observe.  

(Just my observation, at a glance...) 

Note that this other REI may have great credit, but is doing the BRRRR method...and has hit their limit on mortgages.Here's what you would gain from this:1 - A percentage of the cash flow from the finished Rental2 - Experience on all phases of the process, from beginning to the end (this is a required part for the use of your credit), as an observer.  

You need to be observant when buying from them, but we have found many brand new appliances for 50% or less of new store prices. 

You won't get ahead working in that job but you will get clearer focus and learn the subject.Another idea, buy that note you mentioned and simply observe the process, you will learn a lot. 

buy and hold has been going on for decades. its a city with over 55% of population rents and that number will most likely just grow... ( just my observation from my lending days there)so majority of fix and flip goes to cash flow investors.I personally have not seen any higher end fix and flip for retail however I am sure it exists.

Several times I've observed them just move to a lot just down the street and build a new building when their lease was up.Overall though, I just value commercial the same way I do residential.

First some general observations from my experience flipping houses:1) It is usually a 9 month journey - It is very difficult to finish a flip if major renovation are needed in under 9-months from purchase to closing wire.

After observing the property for a while, I've come to the conclusion that the landlord was very lax with the rules and these tenants are going to be a bit challenging.