Here they are:sell in its current shape (probably expect to do same, worse, or a little better than you paid)sell in its current shape with CAD plans and a vision for what the place will be, with some thought on the development side (probably some volatility here but the idea would you'd position yourself to do much better than #1)Do the development to get the 'shell' solid, water tight, and leave the systems/final build-out to a developer that has more experience/time/capital to execute down the stretch with the rest of the Engineering, tenant readiness, or whatever (higher risk that 1 and 2, with most of that risk being from what you've described on the structural side of things) - There'd be some real money here, to get here and I wouldn't be 100% confident you'd get your money back. 

It was tough at times but not impossible by any stretch.

The southern outer stretch of Berlin toward the Wannsee lake and Grunewald was developed in the 19th century.

Yes I know it's a stretch here that's why I posted to see if any local investors knew of anyone who might be interested in streamlining a process to get more offers out on the MLS.

That’s not a stretch either.

I could stretch and put in enough money to meet the 5% down requirement.

Just saying...make sure you don't stretch yourself too thin.Lastly, be sure of what your home will actually rent for so that you can make the most informed decision possible.

Let's say that the leases in place stretch 2 and a half pages with large font and double spaced with headers.

By that I mean anyone who clearly is stretching too much to pay the rent, or has to have "some buddies", or other "extra" tenants move in to help afford the rent.You stated that this is your first rental so let me explain about the TWO kinds of vacancies.

Busy stretches at work.