Welcome Tim,As someone who just recently started and was finally able to buy their first property there is definitely a lot to it, you'll always be learning so don't try to know it all at once.

I don't have a whole lot to put down but I do now make six figures in my current career and have extra money to start saving each month for whatever expense may come about.

It will cost him a lot to move, plus the time and trouble, and he'll end up paying much more for the new place.I recommend you show him a few examples from Zillow so he understands the market and what your property is worth.

I was just able to review all the responses and they are immensely helpful and has given me a lot to think about - thank you so much!

I still have a lot to learn about investing, and my next step is figuring out how to run the numbers to determine if a property is worthwhile.

They are out there but you have to weed through a lot to get them.

There is a lot to consider when renting to people beyond their criminal history. 

So you’ll need another huge mortgage if you borrowed a lot to buy the building.  

Any wild idea that how much it will cost to make the vacant lot to a living space?  

That is a lot to chew on.