@Terry Hershberger I hope to be a very wise Millionaire RE investor one day as well.

But the zoning also permits multi-family, straight commercial (service businesses, straight retail, or a mixed use combination of all.As for how it came about... we were looking for residential flip opportunities in the area and happened on this property the day a FSBO sign went up. 

At the end of the day, a deal is a deal, the price and/or terms you can get it for matters most.

I've been thinking the best plan is for me to save up, as I just started my new job, that's got me home every day, as my wife, and I have wanted.

What I mean is that if you are sure you can make a 20% return then shoot for that, dont shoot for the 35% that  if the stars align and a lunar eclipse happens on the right day as well you might get.

How can I approach him with this in a way that he'll a) take me seriously, and b) give me the time of day?  As

I think we could all sit here and speculate all day as to why the property is listed at a particular amount and still not finish. 

There are always creative financing options, but at the end of the day as greedy as the bank is, they still won't give you the money for one simple fact, you are already in over (or at least up to) your head in their opinion.

Get out one day a month and become a tenant.

Glad to hear that I was not alone in the decision making process back in the day. As