I am estimating to generate $8k per month net profit, on the low end. 

One we have been looking at (because low start in cost) was purchasing and renting to section 8.

Under New York law, landlords have 14 days after the tenant vacates the property to either return the full security deposit or provide an itemized statement indicating any deductions made from the deposit.If the landlord deducts any expenses from the security deposit, they must provide the tenant with an itemized list detailing each deduction and the corresponding cost.

A property manager should always account for both income and expenses—you’re the owner, and you have a right to see exactly where your money is going.It almost sounds like he thinks he’s doing you a favor instead of working on your behalf.

@David YoungTo turn your paid-off home into a successful investment property, start by formalizing a lease agreement, assessing necessary renovations to maximize rental appeal, and calculating your cash flow after expenses.

Quote from @Michael Calvey: Quote from @Bonnie Low: Following because I'm looking for the same thing.

Industrial vacancy rates for your size building are ridiculously low. 

Smart move using private money and keeping rehab costs low. 

Your NOI seems very low IMO.

I know first hand permitting and feasibility is expensive so hopefully a developer/investor would see value in that.