My MHP is located in a town where the setbacks are such that I can only get  10-12 foot homes on the lots.

Tenant Improvement Allowance (TIA) which can be $10-$30/foot upon signing a lease, brokers fees another 6%, a failed business goes bankrupt and leaves you vacant and after 6 months you find a tenant but guess what, there's more TIA and more brokers fees.I kind of see commercial properties as a giant furnace of money.

I suppose we could all cheer you on and give you advice on how to "10x" your goals and flip 20 houses this year and purchase 30 investment properties, but that's like encouraging someone to jump off a 30-foot diving board after watching them belly-flop in a kiddy pool.You have one rental that has fallen apart and eaten up your cash.

At the same time, I want the seller to see what they are purchasing, I want to be completely and 100% transparent without shooting myself in the foot.

Just to get my foot in the door for our first flip.

My market is very competitive right now, and I really want to get my foot into the game without rushing into something.

I would agree its tough to tell in pictures, looks like they were knocking down basement walls and supporting with lolly columns, if the columns are on suitable footings it may not be that bad, but hard to tell in pictures, I own one similar, but i only paid $6K for the house, put $7500 in the rehab, and I get $725/mo rent, house is not falling down so I let it roll, if it starts moving then I will worry about it. 

I currently own an 11k sq foot lot and plan to build a home on it.

The tricky part is the commercial space which could be very profitable since there is a lot of tourists and foot traffic in the area.  

First step is to test the mold before you step foot in the house.