When evaluating a potential real estate investment, both the Debt Service Coverage Ratio (DSCR) and the 50% Rule can be helpful tools.

Any advice on your process for evaluating rehab costs and working with contractors would be super helpful!

A smaller building that used to be a small community bank that could easily be retail space/ cafe.I will qualify for conventional financing for this property, but with interest rates being what they are, I'm not sure that's the best option. 

Other KPIs and considerations you should evaluate when talking to any lender who offered private placement of loans/notes are historic default rate, how quickly they can place your funds (do you get preference over their income funds, for example), average interest rate - borrower note rate and what is passed through to you, are loans serviced by a 3rd party servicer or in house.

Commercial properties are not evaluated by "comps" (well not exactly) they are evaluated on cash flow.

It might be something you can easily resolve and keep them at least until the contract expires. 

Additionally I would suggest having the long term financing relationship built so that they can easily transition the deal after renovation. 

Just have a few questions before we get to deep into the process:What are some common mistakes that can easily be avoided?

With e-filing systems in most county courts, you can DIY file and complete evictions relatively easily, especially if tenant doesn't show up.

An additional unit could easily add significant rental income while increasing the overall property value.