So if the property is $250,000 and it needs $50,000 worth of work, you would need $10,500 as your down payment (technically $10,675 as there would be "contingency reserves" baked into the renovation budget). 

Protect Documents: Store originals safely and keep digital backups.2.

I'm not trying to squash your dreams but have lots of cash reserves if you decide to proceed. 

One of your minions popped right in and quickly promoted, well, you need get this book to start off and pointed her to the BP store. 

@Dennis M. gave the best description I've ever read of a "D" 'hood, he said: "It's just a short stroll down the littler lined street to the local liquor store".There have been 3 or 4 murders in the area in the last few years but they were domestic disputes not gang warfare.

I noticed the lack of nearby stores.

Commercial Brokers/ Investors that are familiar with Family Dollar/ Dollar Tree stores.

4- of course we'd want to verify it's permitted use per zoning5- Capex will need to be budgeted for a reserve account for tax purposes6- need to get the stage 1 and 2. 7- by subcontractor issues do you mean a mechanics lean on the property?

So, given you are in a lower end area with lower rents, you need to reserve more money on repairs, maintenance and capex compared to a higher rent area, since that $200 HVAC or plumbing service call is 25% of $800/mo, but 10% of $2,000/mo.  

We don't allow access to our garage as we have a lot of stuff for the house stored there, but having some cool game area in there or more storage would be nice.