If you do use wood for the stationary part, make sure it is exterior grade and that you cover it / cap it.

That will make it easy to sell off and get top dollar with an investment grade or even better a credit grade BBB- or better tenant.You having a "first business" and it sounds like you have little funds can't do anything.Now if you have some money you can offer the owner some big non-refundable money and if your business fails the owner gets to keep it all.

@Michael Blank  this could be a good spot to mention a certain analysis tool ;-) What overall grade would you give the area?

One thing that your realtor could have done is have his or her loan officer ( Every realtor should have a loan guy or 2 that they work with ) cross qualify the buyer buy looking at the 1003 and grading it to make sure everything looked good. 

The locals would have it all bought up.From my experience the only out of state investors that come to the west coast are usually big players looking for A grade investments and knowing that CA offers a real chance at appreciation.

@J Scott: This is a very highly desired area and most of the town is a B grade area. 

This could be anything from a "weeping wall" due to poor grading to a full foundation wall replacement.

In March last year, I started the excavation and and have it completed to sub-grade ready to pour the foundation.

You would be better off getting a pharmacy built with solid construction sitting on 2 acres and a hard corner for the same cap rate with no rental increases and more tax write off.I have some triple net buyers but many of my clients have moved to the retail strip sector.

Do i have to up grade to have a name change.?