I have heard multiple appraisers complain about the incorrect information listed on the mls as well.

Possible the commercial space could be converted into a 4th apartment.I will certainly check out all options of financing with my different lenders, including an FHA loan if applicable.As for the cash flow, I apologize for the incorrect use of terminology. 

Depending on the submarket, many of these properties offer significantly higher Cap Rates than multifamily or industrial - both of which are arguably overheated asset types at the moment - because the market incorrectly assumes that all retail is risky.Before you invest in a strip center, the main caveat is that it requires a dramatically different skill-set to operate these types of properties so do your homework first or find an operating partner with experience.Good luck!

Buying property can be a curse if done incorrectly.

I’m glad to see this thread has progressed so well, but I do have some strong advice for you Ashley: seek out an attorney who is experienced in this as you can quickly get in over your head and create some sort of arrangement that is either incorrect or disadvantageous or possibly even illegal.Keep in mind that once you start taking in outside investors, you’re now under the purview of the SEC securities laws and you don’t want to mess with the SEC, so better to take the advice of an experienced attorney than to follow the advice of a bunch of strangers on a message board.

I highly suggest you understand what the legal landscape is before making a decision that may be based on incorrect information.As a Californian who moved out of state i understand the reasons why that is a good idea - however if you are basing a move solely on the fear of a prop 13 repeal?

@John Anderson  Seems I made an incorrect assumption on your experience. 

Is that incorrect to think?

I feel I may be estimating these costs incorrectly, which is throwing off my Cash on Cash ROI percentage in the models.

In addition properties are classified incorrectly, bed and bath numbers are incorrect as are taxes etc.If you build this they will come...I don't think that you'll have a hard time marketing this site