A strong partnership is built on trust, shared values, and aligned goals, so it's not something to rush into.I recommend attending in-person networking events to meet like-minded individuals.

Are there any red flags or challenges specific to this neighborhood that I should keep in mind?

The E-Myth by Michael Gerber- Start and operate your business with the consumer in mind... not you... not your product or service.

I think there are two maybe 3 ways to look at this in my mind.  1) you go into it and bring it all up to modern standards but using that old charm to basically take what is there bring it up to modern standards and rent it out essentially I'm thinking cocktail bar or something trendy like that.2) most banks are on really good centrally located real estate if this is true, then I'd consider it for the dirt, plan to scrape the lot and go vertical with whatever the highest and best use is.3) a kind of combo of the two, if the lot is in a good location and its doable, pull the vaults or other "character pieces" out of the building, scrape the lot, and build whatever is best suited for the site there, but incorporate those historical pieces into the final designs.Is the site near a major retail area? 

By keeping these principles in mind, you can optimize your position in the market.

Also remember, you can NOT identify more than a certain number of POTENTIAL replacement properties, and they have to be within a certain percentage of value of the old property, and you can’t file this identifying paper and then change your mind.

Hi Michael , would you mind if we connected so I could ask you a couple of questions about their services etc Hey man, sure shoot me DM!

The tax savings could definitely be a big plus for you, but the negative cash flow is something to keep in mind.

We recently did a loan involving a borrower with a mind-numbing operating agreement involving nested LLCs, retirement plans, and individuals. 

Keep in mind a few things - many major markets currently have a glut of multifamily projects so you may be competing with large apartment complexes with amenities offering incentives in a competitive market.