Looking for some advice here - I have a 15,000 sq. ft. class-B warehouse located in an industrial park of the Chicago suburbs, near O'Hare:- Acquired for $1m and recent prices suggest I could sell for $140 per sq. ft. ~$2.1m- Cash flows at $140k annuallyI've been self-managing and it has been honestly pretty easy (send invoices, schedule routine maintenance/inspections), but otherwise I have no real knowledge or experience in the industrial space (I mostly invest in STR's).

Financing for RenovationsSince the property needs a full gut job, consider:Hard Money or Bridge Loan: Short-term funding to acquire and renovate, then refinance with a long-term loan.Private Money Lenders: Individual investors willing to finance the deal for a fixed return.FHA 203(k) or Conventional Renovation Loans: If you qualify, these loans roll rehab costs into the mortgage.3.

@Timothy Frazier I wouldn't use the word bad because if that is the route needed to acquire a piece of property then mission accomplished however you are stacking the deck against yourself with this approach.  

I do think that an investor should acquire a long-term buy and hold property if they can find them right now because Huntsville is taking all of the right steps to continue to grow. 

I'm starting to acquire furnishings and am looking for a checklist of sorts to help keep myself organized as I seek the best deals on high quality goods to furnish our rental. 

I know that there are issues with any house, but it seems to us as if we have had way more of our fair share of problems since we acquired it.

Focus on wholesaling the leads I get from my campaign (while refining my underwriting and acquisition skills) to stack up cash, then begin acquiring rental property.2.

I need to work on marketing and how to acquire better tenants.

if i were to acquire these and have them be owner financed, I would want clear title and the other mortgage on this lot removed - especially if my loan has a balloon on it that matures prior to the existing loan, as how would to provide clear title?

Quote from @Daniel Osman: Yes, you can use a 1031 exchange to acquire multiple replacement properties in Florida from the sale of your investment property in New Jersey.