Of course, the smaller the property, the more necessary that you see every inch of it because there isn't a business running on top of the land like large-scale multifamily, self-storage, industrial, and more.

Generally the thing that keeps commercial/industrial investors afloat is access to large sums of money to survive a downturn.It sounds more like this property is an outlier in your wheelhouse and portfoliio. 

Property includes: (2 buildings)The large old building with main level office previously a dental office and potential for build out second floor of (1)-1br efficiency apartment, (3)-2br/1bath.

Of course, SWFL got a large brunt of it, and the islands look pretty devastated. 

Insurance is now a big factor in the expenses of investment properties, even here in Reno, NV there are areas that have had large increases for single and multifamily properties.

Lending capacity should only matter to those with large borrowing needs and require large legal lending limits but that wouldn't apply to hard money lenders anyway.

A renter for a stand alone rowhome is usually a different profile from a large apartment complex renter in my experience.

After 20+ years in real estate partnerships, here's what actually puts you on the IRS radar (and what doesn't):REAL Red Flags That Matter:The Partner Complaint TriggerDisgruntled partner files Form 8082K-1 disputesPartnership disputes leading to tax filingsReal Impact: Instant IRS attentionSuspicious Loss ClaimsLosses exceeding investmentArtificial basis inflationSudden large losses without economic realityExample: $100K investment claiming $500K lossesRelated Party GamesCircular property flipsBelow-market transfersFamily partnership schemes without substanceWatch Out: IRC §267 and §707(b) violationsDebt Engineering Red FlagsBasis inflation schemesArtificial guarantee arrangementsPartner debt shifts near year-endCritical: IRC §752 compliance matters!

I looked at the website of our local REIA and to me it really had the feel of an info-mercial, so I've stayed away.

That is all excellent advice and all very true.