I can definitely say that while the bigger fire we had was a pain... it actually worked out really well... in the end we had a much improved property, and we stepped in and did as much of the work we could do ourselves that the insurance company was compensating us at  'retail' rates for... like painting, and replacing cabinets, and other simple tasks.  

People purchasing single family homes for almost retail price for outdated home that will not yield any profits unless the work is DIY.

We actually have a retail space that we plan to put up for lease across from the Watsessing Train Station.

@Micheal RobinsonWhat you describe is a mixed use property - retail on the bottom and residential above.

Ultimately, I would like to invest in commercial retail property.  

Therefore, you may have to wait a little longer to sell to a retail buyer if you need to resell the property.As far as maintenance reserves, I recommend having 2 to 4 months worth of gross rent in reserve.  

Also, if you hope to attract a national fast food chain, most retail developers will get a committment from them, or at least some type of LOI, up front to make sure that the chains would even be willing to have a store at that location, and what specs they would want/need for the building and how much rent they could pay, etc.

However - if he's looking at somewhat (or fully) retail ready homes for end buyers, then it may not make sense.

The building has a retail storefront.

Your PM was using something called pay near me/retail payments for collecting cash payments from tenants at the CVS.