The increased risk is generated by the fact that the owners are relying on the validity of the tenancy in common Agreement for their usage rights, and it is possible to imagine legal circumstances under which this validity might be undermined.- If the subdivider or someone with relationship to subdivider sells, a public report must be done.

If purchasing new real estate as part of your reinvestment, a cost segregation study can maximize depreciation deductions, offsetting future taxable income.For effective planning, assess how the sale price is allocated between real estate, tangible assets, and goodwill, as this determines the tax treatment.

. - if I use my cash, the investment needs to generate > 5%.

The electrical panel is original, so an upgrade might be needed in the future. 

I will be sure to increase my rice in the future!

With this, along with shifting the utilities to the tenants and reducing the management fee to generate an NOI of around $103k, I'd estimate the value around $1.8M to $2.0M

Not to mention the economic development steps the town is taking in ensuring the growth of town (roads, schools, zoning) stays on par with the future expected population growth and new jobs that are going to be a result of the new factories opening.  

Finally, depending on the circumstances at the time, we decide how much should be held in reserve against future contingencies.

This will go a long way in creating a network and future sellers and buyers will start to see you as a resource in this arena.  

Most importantly, I'm sure you would agree, this has been a huge learning experience that will allow you to be a more successful & savvy investor in the future based on this experience.