In short, this is the exact same process as any other transaction...contract, title, close...some thoughts...Down- 25k is a bit light (even though this is all relative...I personally offer 10% down to open and some folks are fine with that)...I would ask for 20% down to protect the interest of your client...the buyer would get a 75% LTV product from a bank if they were not occupying the property.

I suggest you read read this article, as Brandon Turner does a great job shedding light on the subject.

Sometimes, the light would go on and we would find a bug. it happened twice, maybe three times until we put two and two together.

-No holes in any doors, walls, or ceilings-Fire alarms and CO2 detectors in good working order-Lightbulbs working, and all light fixtures in good repair.

Think your expenses are light - you might try running it again with 50% expenses and see what you come up with.  

The lighting fixtures should be updated or spray painted to look new.

One option would be to look into homes that needs some light rehab to then rent out. 

Your assets are light for a deal this size to qualify.How debt works and ratio's involved will likely depend on what going in cap rate the income throws off with purchase price.There are hundreds of items to analyze when looking over a retail property and takes a lot of time and due diligence.The items listed for roof, parking lot, etc. can equal in to the six figures in costs so very substantial to repair or replace.

I passed the course and got the green light to take the exam, but taking the exam isn't a priority right now.

To address some of the point that are made on the thread - it is not only likely the the seller's agent will try to steer you towards a higher price and represent the selling side in the best light but it is their fiduciary duty to have the interest of the SELLER because that is their first client.