I am personally interested to see how this plays out @Xingcai Wu please keep us posted. 

Curious to see how it'll play out and I'm happy to hear this is the time you've decided to get more involved.All the best!

So how do you calculate that after 9 years of owning, how does the equity come into play since most of the calculators assume it's year one with no equity, and how do I factor in the already paid assessments besides that it's increased the cost of the property? 

I do know that the level of rehab you're doing and your timeline for completing the rehab will play a role in your options. 

In an  Office or Industrial project, competing business can co-exist as neighbors because they are generally providing a service for which the "playing field" is away from the property.

For me I diversify into real estate as well as other asset classes and put most of it in lower risk areas (I am closer to 50) and have some “play money” that I am willing to put in riskier investments.

I wasn’t thrilled with the appraisal company, and felt that they also significantly down played the value of the income on my commercial property.

However, where utilities are combined there is no easy way to estimate the cost because there are too many factors at play.

It would be located near a wedding venue, hunting retreat, and about 25 minutes outside of a major university town (e.g. could rent for college football gamedays). 

If you buy now and in 5 years have $50k to play with, buy another property.