That's what makes this probably not qualify.If by some odd chance the REIT let you invest as a tenant in common on the building then you do indeed own real estate at that point. 

I put our odds of success at around 25% on this one....so likely not a real problem.

Yes, put $34,000 into a new HVAC, Paint, Lighting, Tree Removal, and a few other odds and ends.

Seems odd that running the business is not part of it too!

San Pedro-Waterfront developmentInglewood-stadium, NFL Network, proposed NBA Arena, Jr PhilharmonicGardena/Hawthorne-overflow from Inglewood and tech...theres about 5 breweries between these 2 cities and cool places like Base 51 (bar, food, race car simulator)

With a town of only 3,000 people the odds of you getting a tenant are very slim.

If the REI puts in a tenant/buyer that is sketchy, then the odds of the Option getting exercised is remote. 

A tenant recently let me know that they observed an oddly high water bill. 

I.e. this is a fluke asset, if they hold 20 offices, don't cleave one office off unless you can show why they should think it doesn't fit their model.also, be wary of contact via PM, they often are at odds with changing ownership since its likely they lose management fees if it sells.

Zebra Blinds dot com will give you exactly what you need, for odd sizes.