Yeah, this can get kind of tricky. 

I believe you can move forward.

You'll also need to find some handyman or contractors that can help you get the work done.

The deal is very good and I’m willing to go through with it, but how can I protect myself to the fullest? 

You can also build a single family home or a 2-4 unit multifamily so its really up to you and what you are looking to accomplish.

Bigger pockets can help you locate meet ups as well.start going to meet ups and talking to people.

So businesses can be more hesitant now to sign 20 year leases.

You can read The Book on Estimating Rehab Costs by @J Scott as a guide, but the current numbers for your area will be different.Don't let someone tell you that you can just do per square foot.

However licensed PA Real Estate Agent (12 Years) perhaps I can provide a little insight?

And I feel the ideal portfolio can benefit from the diversification of both.1) Holdfolio isn't a match for me, personally (due to not enough experience, skin in the game, etc).