You might want to loop a CPA in during the year to help avoid some common pitfalls (how to pay contractors, personal reimbursements, bank reconciliation issues, etc.) 

Typically the local real estate attorney will have a better specific knowledge of the pitfalls and snares that befall owner finance deals in your state, while the title company will be able to do a simple owner-fi deal for significantly less, thanks to using "boilerplate" language.  

It also has a lot of bars, restaurants and other things that draw crowds to the city.The $6.0 million USD restoration project was done by the building's owner, the Great Lakes Center Foundation.Reaching out to them for more guidance (and strategy, as well as potential pit falls) on this might be beneficial.And calling the general contractor (ask the owner who it was) to discuss any unique problems they faced on this restoration might also be intelligent.If you ask (offer to pay) they might also be able to provide you with preliminary guidance on construction budgets as well as contractors lists, and vendors lists (if you think having them would help your efforts, feasibility, etc...).Another phone call might be to the Architect to get his thoughts on this.Contacting these people would be beneficial because they have successful experience on doing what you want to do in a similar sized city, within driving distance of Ontario. 1)  http://bay-journal.com/sfp/pmrr/index.html2)  http://bay-journal.com/sfp/pmrr/pictorial.html3)  https://www.gogreat.com/cities/bay-city/events/4)  http://www.bayfoundation.org/who-we-are/pere-marquette-depot5) This should bring up articles about the Train station Restoration from the Michigan Newspaper (mlive.com): https://www.google.com/search?

What are the pitfalls and strengths? 

Can you please share how well it went vs. any pitfalls to avoid?

What pitfalls/roadblocks do you see me running into?

There is more, but these are some very common pitfalls that are difficult to fix on the back end.

There is more, but these are some very common pitfalls that are difficult to fix on the back end.

Make sure you do your homework on this and fully understand the risks and potential pitfalls before making that move. 

I've owned rentals long distance in Dallas for 5 years so I know some of the pitfalls but I'm freelance so no mortgage loans are available unless I get a job for a year or so.I think I can flip here in Ct but it would need to be something small that I can go cash.