. $500 is probably cheap money for the upgrade.

If you're willing to put in the work, you'll obviously make more money without hiring someone to do it for you.

Especially if they are a money partner only. 

Do you use or have you thought about using Hard Money in your real estate investing process? 

I also have $102k in a money market account that currently earns about 4.5%.

As you indicated yourself, it's mostly throwing away money because you have nothing left at the end of the lease.

Denver (and Colorado) is a destination for people with money.

Save that down payment money you mentioned or go for a multi family at a higher price than the single but have rental income. 

looking longterm who knows what's going to happen in the market.The largest thing to be cautious about is that with commercial tenants you as the owner often have to put up money in the form of a check or abated or free rent to help the tenant get open for business and build out the space. 

You, the borrower, should know that the three major private/hard money loan requirements are credit score, reserves, and real estate experience.Just be aware of that.