The amount of capital you have, the desired 'reasonable' yield you desire, the investment horizon, the geographic concentrations or exclusions along with other risk hot buttons for the investor usually scope out what to look for and to a certain extent where to find it.

Each step you take reveals a new horizon.

Any major cities nearby that seem to have the chance of a rebound or have good things on the horizon?

The goal is then make money off of the fees as a syndicator and hopefully through cost savings and rent growth blend the cap rate up over a 5 to 7 year horizon then exit.I syndicate but retail properties.

An inspection will reveal any CapEx costs on the horizon so you can plan that into the price accordingly.Congrats on finding a deal off market!

I'm also reading: Using a Limited Liability Company for Real Estate Investing (just picked it up today) by Sarah E Holmes, Commercial Real Estate Investing for Dummies by Peter Conti and Peter Harris, and How Not to Be Wrong The Power of Mathematical Thinking by Jordan Ellenberg (which I've put down for a bit now but need to pick up again).Reading is great and I don't mind reading all about commercial real estate, I just feel I need to broaden my horizons to help limit the possibilities I miss something. 

There are commercial land loans with a good amount down but you lose ability to drive down a low buy price when not doing all cash.The other component is the " development event horizon ".

I learned all of what I know by doing projects and not by working in an office.Hope that helps, just my two cents.Good Luck, you are starting at a great time your life, you have a long time horizon and can take advantage of several RE cycles over your lifetime as well.

But if you are looking for long-term buy-and-hold with cash-flow, expand your horizons a bit.You are taking steps in the right direction, so don't get discouraged.Mike

There is no principal pay down during that time but if you bought correctly you are getting way more on the upside.On the syndicates your return can be great because you take a fee going in, on going cash flow after the investors are paid, an equity percentage, and a fee when it sells at your target time horizon hold period or before.