If you can’t find something with significantly better returns, holding might be your best option.Alternative to sellingIf you’re hesitant to sell but want to improve returns, check if the current rent is at market rate.

Do you have cash reserves for capital expenses and improvements? 

Pretty,  as others have stated here, the permitting process through the City of Cape Coral has been hindered by their ability to scale up their staff to handle the massive demands for all permitting including new construction but also anything else that requires a permit, home improvements, sea walls, alternative sea walls, pools and more.From your post, I can see that you are frustrated, and I believe some of that is due to not understanding the steps and processes of new construction, including what must be done prior to submitting permits.

Let the agent know that while you’re interested, the property’s condition and local comps don’t justify the asking price.Taking a warm, conversational approach can make negotiations smoother and improve your chances of getting the deal.

Even if such a loan existed (which I doubt), once Vincent self funds all improvement costs, finance charges, carrying costs etc., I doubt he's any better off.

Once the construction of the business building was far enough along (but no more than 180 days) that the price of the land and the amount of improvements you make on it are equal to the sale of your old investment property you take title to it and that would complete your 1031 exchange. 

, whether there's a high water table that encroaches on any underground utilities or foundations (and does that water table have significant seasonal water level variations), encroachments by roads or other improvements on your property, limitations imposed by easements or rights of way, etc.

IT can definitely be improved from an ROI standpoint with metered and reassigning all utilities, charging for laundry, renting garages to tenants, renting storage space.I own a portfolio of duplexes and single family properties that are doing well. 

I position my inspections as 'planning for future repairs/improvements' which mitigates that whole 'he's here to get my security deposit' mindset.And, I would rather have the tenant with me than to have him later claim that something was broken during the inspection.  

Improvements What was the outcome?