a) Office Supplies (e.g. stamps, envelopes)  b) Software  c) Gas/Mileage  d) Advertising + Payroll  e) Concessions  f) Lease loss  g) Lease renewal fees12) Lawyer/Law office/Legal fees13) Accounting/Bookkeeping/CPA/Tax preparer/Tax advisorHow-much-should-you-keep-in-cash-reserves-per-property?

I don't know whether a court would consider you a "sophisticated" party.

The larger and usually more sophisticated investors demand a known quantity in regard to the sponsor.Less than 5% of new sponsors attempting their first capital raise are able to successfully raise enough money to launch.

In your case it's probable that the seller is more sophisticated than your average FSBO situation from which that stereotype originates, but I would still want to run the asking price by some experienced local commercial RE brokers and get their opinions on the actual fair market value to make sure you're not overpaying.

Asides from making payroll, providing medical coverage worries me.

Run your LLC as an SCorp - that's what we do and then we are able to have a group insurance policy and payroll.

That would add a level of complexity on top of filing for the LLC's that I wasn't anticipating (payroll tax, etc.)  

I got a rough quote which was just shy of $90k for installation of bluetooth locks and new doors (all 88), but I'm afraid the location of the facility probably doesnt lend itself to more sophisticated tenants who would pay extra for that convenience. 

Education makes you a Sophisticated Investor which helps with your first deal...after your first deal is successful, you are able to get more people to invest with you...and sponsor your own deals.  

You could find a fund that allowed sophisticated investors...but you need to able to prove that you're sophisticated (I.E. an experienced investor)