I started with a regular mask and after 30 seconds I was on my way to the Home Depot to get a full professional ventilation mask.It wasn't just rat droppings.

there are several things to consider here when considering the two, although a great option when you are in this position could be to purchase the building, make any necessary improvements get your business up and running and get your business set up on a lease in the building. 

I do home improvement projects over weekend for the past three years such as carpet to LVP, wooden duck to composite, game room to bedroom including working with city,  screened porch repair, custom closets, mudroom and some minor projects.

The downside is that I have to put in $480,000 Dollars of TI and brokerage fees, but the upside is that they will be putting in 1.5 million to redesign and improve the existing structure. 10 years from now I might have to go through the same thing, but I wanted to give you an example of how things can go wrong at the end of these leases.  

Plus, buy in a rapidly appreciating part of town, and you'll really reap your gains when you sell or refinance down the road.Here's an active property that I love right now:https://www.redfin.com/CA/Los-Angeles/1167-Geraghty-Ave-9006...Very affordable (for LA standards) and in the improving neighborhood of City Terrace.

You can build on piers to raise the height of the improvements.

We either make improvements to the property, add money to the 3 month reserve account if theres any gaps or add it to the cash flow for the year.  

The best thing all of us can do is meet with our local apartment associations and as a group reach out to local lawmakers to enact improved, landlord-friendly squatter laws on a local level.

@Kyle Crouch, because you already own the land you cannot exchange for any subsequent improvements on that land.You could exchange into a new build where a builder owns a lot and is building a house on it. 

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