I moved out here and my wife stayed in Tulsa to finish doing the improvements we were in the middle of and to sell that place.

Also consider when you renovate your initial returns in early years are lower bc of up front reno then improve after two to three years depending on what you inject as capital improvements.

There are definitely opportunities to improve your chances of purchasing a property as an agent but you have to remember in California it will cost approximately $5,000 a year to maintain your license.How long have you been a pharmacist? 

Need to be an accreditate investor with city and you need to agree to improve the property within one year. 

I still think there are still things I can do to improve my chances of getting a great first investment.

Capital gain will be calculated as: (Sale price - Selling costs) - (Purchase price - depreciation + improvements + purchase costs)Additionally, the portion of the gain that is related to the amount of depreciation that was taken on the property will be taxed at your ordinary tax rate, up to 25%. 

Hello BP, Our company has a small lot in an improving area of Decatur, GA. 

I think it's about the most space efficient you can get, plus there are likely energy efficiency benefits(or at least utility cost improvements) compared to your current set up.

Refinance it from "foot in the door" financing to permanent financing once you improve it a bit and force the appreciation. 

@Dave Nixon Interesting you picked up on this...small town churches are dropping like flies...I manage large capital improvement projects on institutions...just keep in mind that you'll be working with a lot of different entities, including an architect/designer, engineer, industrial compliance...likely other entities from the government and/or municipality...lots of moving parts.You should be aware of Asbestos abatement and concerns like underground storage tanks...which are very common in all these buildings you are referencing...design and abatement fees may run hundreds of thousands of dollars before the project even starts...Not saying you can't pull it off, just be aware...good luck!