Because the condition of the building has deteriorated requiring substantial renovation she decided to stop renting it out after the last tenant moved 2-3 years ago.

You mentioned having $230,000 in savings, which is a substantial down payment.

To answer #1, a track record with historical results you can show, a pitch deck that has a business plan with it, the sponsor putting in substantial equity...

Account Closed I would approach the tenants on either side of the vacancy and offer them the space at a substantial discount on a term matching the balance of their current lease.

There could also be tax implications if the price is substantially under market value. 

While I have made the property substantially better, and in turn am collecting good rent, I am limited in what I can do going forward with respect to ROI, and there are always expenses that can be made/issues that come up.

Your lawyer should be able to go after the home inspector and previous owners if they hid a substantial material defect.  

Good to hear you are intaking loads of education, don't stop!

As a result, there may be no point in taking bonus depreciation if the goal is to offset non-passive income with rental losses. 

Do anything more 'creative,' like 100% leverage, and you'll be substantially negative.