He has rejected larger offers and suggested I invest $5,000 for an 8-12% stake in the venture.They uses a cost-free retail space and a reliable, but paid event venue and has 100 attendees weekly.

Probably a retail lender I am guessing.

I am currently a commercial retail tenant agent, have one rental property and am looking to grow my portfolio. 

Cape Coral is a unique market in that it offers access to nearly every major investment strategy within a single market such as LTR, STR, new construction development, land banking, retail/commercial, industrial, etc.

So I have to contact retailers, manufacturers, figure it all out in addition to simply purchasing a replacement. 

My initial plan was to buy homes at wholesale price, fix them and retail them through an agent.

@Ashni Modi here's just a few of the major investments happening in Detroit$2.5B New Center by Henry Ford Health, Pistons owner and Michigan State Universityhttps://www.clickondetroit.com/news/local/2023/02/08/incredible-investment-in-our-city-25b-detroit-neighborhood-redevelopment-to-begin-in-2024/$1.5B Investment, 12,000 temp jobs, 6,000 New Jobs: District Detroit Developmenthttps://www.detroitnews.com/story/business/2022/11/15/district-detroit-1-5b-development-to-include-housing-retail-hotels/69649853007/$1.4B Total as Hotel Added to Hudson Sitehttps://www.detroitnews.com/story/business/2023/11/02/hudsons-site-hotel-plans-move-ahead-as-city-issues-permit/71426631007/$439M Gilbert Foundation investment in Detroithttps://www.henryfordmsu.org/news/september-2023/gilbert-family-foundation-announces-nick-gilbert-neurofibromatosis-research-institute

.- Commercial Real Estate: Diversify into commercial properties, such as office buildings, retail spaces, or warehouses, which can provide higher returns and different tenant profiles.5.

Over the years I've been involved in spec building projects of houses, small office parks, office/retail condos, etc.

I don't think you can go wrong if you have the liquidity and the market is strong. don't forget that hotels are built in the middle of nowhere brand new and do fine. if you want me to look more closely at it send me a DM, this is ours right here that we proposed so you can see the style but it's 81 residential units, 45000 sq ft, 6000 sq ft of retail, no parking. on your assumptions, your occupancy rate looks high. pull some hospitality reports in the market and see what it is. your exit cap looks about right for what I've seen in hospitality.