I bought a 6 commercial unit, and the owner and agent said, "everything" is grandfathered in.....elevator, sprinkler system etc.BUT what he didn't realize, was the township knows that he is a SLUMLORD in a grade A area.  

We are actually working with couple investors on this strategy now as it's becoming more and more popular due to the elevated level of returns. 

Check with the municipality to determine if they will grant a U&O for the property at its current elevation or will they require it to be raised. 

John Warren interesting indeed, I'll keep elevating and hopefully I make the plunge soon.

Etc...I'd like to hear/see more thoughts on Minnesota/Minneapolis in general.What are some neighborhoods that you think will elevate in price and continue to elevate?

And the second floor will not be conducive for patients unless there is an elevator, and ADA requirements.From both an beauty point of view and a  business point of view, and my personal experience I'm not much in favor of duplex conversions. 

As long as you feel long term that the rents will continue to stay elevated and the prospects for your area are strong..Problem with condo's is that they are a wild card when it comes to fees. 

It would be immensely helpful if anyone could enlighten me on what to expect on the subjects of fire, elevator and water tower inspections (frequency/cost), building maintenance, insurance, property management, etc.I believe 5% each month and a 2-3 month fee for finding tenants, please correct me if im wrong. 

I don't really have a rule of thumb, it depends on all of the things you mentioned and also how big the building is and what your amenities are, if you have garages that may have doors that need to be replaced, elevators, overpasses...those types of things that would be different from a standard building.

Also not sure of where you are geographically but in colder winter states they add electric reheat backup which elevates the price.