Did you have previous commercial loans or exposure to commercial properties?

Tough question to answer without knowing your time horizon and your exposure to other vehicles of investment. 

Jeff, while paying cash for properties is a great way to get great deals, holding the properties long term with no debt held on the property leaves cash equity sitting in the waslls earning 0% interest and removes one of the two greatest advantages to RE investing in my opinion - leverage.This is not to say that one should over extend or overleverage as moderation is good not just in drinking, sun exposure, or eating, but in applying leverage.

Even with slightly higher interest and the exposure to UDFI taxation, leverage still works as a positive accelerator for return in an IRA environment.

Many scenes from the TV show Northern Exposure was filmed there.

Almost always: Drop the price.Three different brokers probably means it has had adequate exposure.

R803.2.1.1 Exposure durability.

Put a detailed scope of work together and get at least 5 contractors to bid the project.Having a lump sum quote with at least a 10% contingency lets you know your exposure going into the project.

Your exposure on a flip may be much greater, hence your asset protection is more important.I created my own LLC, it cost me around $200-$300.

All that said, you have to get some exposure to the process so go look at the property and walk with the agent and see where it takes you.