I will keep the cash in stable low risk investments and some blue chip high dividend stocks in an attempt to tread water until I invest the funds. 

@Scott Ellis, code states all bedrooms SHALL have one emergency escape and rescue opening, the rest of the living space can be serviced by a doorway leading out. also depending on how far down you are you will need a window well that is 9 sq' clear opening and steps or a ladder to get out. you can not just open a door way and say it services the rest of the area, because a door can easily be installed again, and i wouldn't want that tragedy on my head if god forbid something happened and someone got trapped down there. i wouldn't even try an circumvent that one - put the egress window in there. as far as the town considering it a bedroom, i would check with the building department, if its not, then the house is down one bedroom and a bargaining chip for you, you buy it, make it right, and you just increased the value of the property to where it should have been.

When I tried to find a motivator he wasn't budging, and first said he wanted retail value, than started to chip it down a bit saying, he at least wanted 90k which is about 45k off of the ARV.

Since the house was built prior to 1978, you will have to have certain procedures in place to eliminate the old paint chips.

A fellow investor has 2000 sq ft in one such building & shares it with several others & they all chip in for CAM.

Keep the condo long term, as it will go up in value again with the next Bay Area appreciation wave, and the rent will go up too, and then you’re cashflow positive, have tons of equity, all with a blue chip asset.

Found an article, no small undertaking.​TSMC said it was spending US $12 billion on the Phoenix site, known as Fab 21, with the aim of initially producing 20,000 wafers a month chips on the chipmaker's 5nm manufacturing process by 2024.

Spell it out, let the chips fall where they may.

Ideally would find a NNN or absolute NNN lease with a Starbucks/Chipotle/McD's/etc. blue-chip type tenant in a relatively new building. 

I can personally chip in ~$300K cash to start with.