Probably depends on where you're at also. 

I suspect whether a part time agent sticks with it is HIGHLY market dependent.

Ultimately, it depends on whether you want to lock in gains now or play the long game.

Depending on your market the existing building you should get $1 per month per sq ft.  

Retirement accounts could be a good option depending on the situation.

NEVER let it go to Foreclosure (auction) That hits your credit for 7 years and 300 pts and depending what state you live in the bank can come after you for the deficiency.There are many options and way to many to type out here and explain so feel free to call me at 636 685 2990.

And depending on how the unit is built, the owner probably pays for water and sewer, maybe even for heat. 

On the lending front, it all depends on what entities are the beneficiaries.

I estimate the house could rent for $2.8K–$3K, while the warehouse might rent for (one unit) $2K–$4K, depending on how much work it needs to suit different tenants.

Equity Partner BuyoutConsider an equity partner to help fund renovations in exchange for a share of the profits, reducing your risk and investment.STR seems like a solid option, but these alternative strategies give you flexibility depending on how things play out.