This isn't a complete business plan but it's a solid component of it. 

However, the big hurdle has been that most lenders that we have spoken with want to see the retail component of the project at least 50% leased prior to commitment.

I too pay close attention to current components and appliances condition and life expectancy.  

If all major components in the property are new (or recently replaced/upgraded) and you don't have to worry about them for a few years, then not as big of a deal and you can building up the rainy day fund.

You are better off analyzing the remaining life of major Capex components like roof, windows, plumbing, furnace, AC and have a reserve fund set aside as part of acquisition cost.

The three components are an online portal that customers can use to rent, pay for storage etc., a industry specific cal center and "boots on the ground" (an individual who is local to the property who can perform the needed onsite tasks).

Basically want to know the components of closing cost and who (buyer or seller) pays which one?

Elvia, the last time this came up for us in Bolingbrook, the village reported that theyhave adopted the 2006 International Property Maintenance Code guidelines on this, it boils down to 70 sq. ft. of bedroom space per occupant.

However, until I have a property inspected and know the current condition and life expectancy of all major components and appliances I will not lower it.  

to a land trust for estate planning purpose (which should not trigger the DOS clause, and even if so, you can transfer it back in your name if the lender gives you grief) with the beneficiary an LLC, thus getting protection from "internal" and "external" problems.