It's an interesting idea...The two main rinks in our area have closed down most locations and I can only think of two locations still running.One challenge is the change in culture that has altered the way young people interact and spend time.

As you say, the number you use for CapEx can dramatically alter the deal.

Maybe more so focus on getting promoted in any department that you work to where you manage people under you and then those skills will translate into managing tenants and employees as your own business grows.

I love your construction background, I'm a PE for a large general contractor, and so much of what I do for work translates to real estate.

You have what sounds like more than one real estate attorney telling you they (Sub2's) are not done which also translates into a form of "do not do those".  

Don't sacrifice your future on the alter of present day convenience.

Half a months rent with one vacancy per year translates into 4% per month.

Buy and download the AIA105 contract for small commercial/residential and alter it to include the terms you want - its not rocket science.If your project ends up becoming more complex - or you are unsure/confused after trying this approach first - then consider and architect.

The hope is longer leases, better tenants, lower cash flow presently for lower maintenance and lower vacancy translating to higher cash flow over the long run. 

Thing is, I still don't see how it's worth saving that $800/yr which translates into 2.5 months of rent after 4 years of saving this small $800/yr.