In fact you will have many commercial tenants clamoring for that space and to repurpose it.Now mom and pop stuff that is off the path in the middle of nowhere for NNN that isn't credit or investment grade sure it will take some time but not years.You can hit much higher than 5 to 7 caps in NNN.

This is the sale of a participation interest in the First Mortgage secured by this classical late 19th century architecturally beautiful property making it a potential rental or fix and flip opportunity.

The essence of this strategy lies in repurposing common areas, such as living rooms, to create additional living spaces.

….I humbly ask for the guidance of the BP community in solving this classic "Whodunnit" mystery. 

The idea that COC always gets better as you put down less on an investment (classic leverage) generally holds true in a low interest rate environment, especially in the "artificially" low interest rate environment created by the Fed.

I have two SFR's where I keep the gaint garages for materials, another for classic cars.

. ;-) Just follow the money . . .Classic straw man argument, misrepresent what I said and then attack the misrepresentation (I get it, its easier).

But, knowing what I know now, I would probably try to buy a building that had the potential of adding another bedroom or two (e.g. repurposing existing space inside the building that was not currently used as a bedroom but could have been).

It would still require a GC and site crew but definitely less time on-site than a classic site-built home. 

A medical resident at the local hospital has put in a LOT of work and effort to get where they are, and they're unlikely to risk ruining their credit over silly late rent payments or property damage.Having said that, if you upgrade that hypothetical C-grade property to an A-, but it's in an area where nobody has the money to pay the higher rent, or there aren't people interested in renting a higher grade property, then that's going to cost you (this is the classic case of over-improving a property--which a very common mistake by beginning real estate investors).