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.

Specifically, here is the info I am looking for:Average cost of land or propertyCost of land or property as it relates to per square foot of buildingCost of construction per square foot (including elevators)Cost of elevators (itemized separately)Average rent per square foot per yearCurrent rates on construction financing for office buildingsThanks for all the help, guys.

I've done many of these, but you're going to have to have an elevation difference somehow. 

I'm looking at a brick 3-Flat in Chicago that is immediately next to the elevated train line.

I have dealt with quite a few and sometimes some have a way of elevating their interest of earning a commission above the clients best interest.

@Steven King what's your 'elevator pitch'?

Im not a mentor, but i would hit up all the local REIAs and use your best elevator pitch there. it wont be easy. a good REI mentor is making several hundred dollars an hour. and they can pay 10$ for grunt work. go driving for dollars and get a list of 100 vacant/distressed properties(ugliest ones in the on a clean block). find the owner via the county and put them together in an excel spreadsheet (owner/address/last sale date)and then approach someone who you feel comfortable with. dont offer it all up at once, it has to be a fit for you too. print out business cards with a number and hand them out like crazy, talk to realtors and flippers/wholesalers via networking and email them, text them, call them a few days later to follow up and talk about your list. that is value$$ "hey mrs/mr realtor/investor, i have this list and id be glad to share it with you for a JV split 20/80 for the first 3"..."