Depending on your appetite for risk and your confidence in the local and national real estate markets I would re-finance this house into a loan where you don't have PMI, rent it out and then use whatever extra cash you have to buy another rental in a different market than Vegas.

There are quite a few companies that have an appetite for flips depending on what your specific properties and goals are.  

Philly is not NYC in terms of unlimited appetite for high end apartments.  

Nothing whets the appetite quite like reading someone's success story in the forums, or learning something new from a blog post.My plan is to continue accumulating rental units for the cash flow, and incorporate house flipping into my business to help fund the acquisition of more units.

The building has exterior walls and windows, fire suppression, HVAC, elevator, roof, plumbing and electrical connections on each floor.

Both routes I'd be looking for a lender who has SBA PLP status and also has an appetite for hotel/special-use properties and construction of these properties.  

My appetite for REI is driven by the below mentioned traits that produce hefty rewards:LeverageCash flowAppreciation (forced, inflation and demand)Tax benefitsEquity building

I know as you mentioned classic cars are a big thing in our part of the country -- could  you start some sort of Guys/Car hangout - use the front office as a clubhouse - lots of old auto memorabilia there and in the warehouse (plus you'd have the fun of shopping for it), maybe install an automotive lift or two, great lighting - fire suppression system (would definitely make your insurance cheaper)? 

Let them know you are serious and that you have the means to close and I am sure you will find enough deals to satisfy your appetite. 

You would be amazed the appetite out there to find a reasonably safe investment with someone who they know, that pays them at least 8% (which is the usual preferred rate these days for investors to ask for).