When you throw in soft costs like zoning approval, building plans and permits and land you get another $100/sqft.

I would say substantial would be doing a remodel, upgrading electric, replacing roof, doing soft-story, repainting the building.  

RESIDENT SHALL PRACTICE GOOD HOUSEKEEPING TO PREVENT INFESTATION.Avoid using secondhand or rental furnishings, especially beds, mattresses and any soft furniture.

On the other end, the market for commercial is very soft.

Other than the land cost, your soft costs I’d estimate about 20% of your build cost or 25% just to be safe.

Purchasing a property based on its financial performance without having the permits in hand to build it is a whole other story that introduces a set of risks that can and should be contained and or eliminated entirely.Ground Up Development entails a great deal of speculation in its own right on the part of the developer and includes "betting" on the variables such as the cost and nature of on and off site improvements, hard and soft cost, cost of funds and hopefully accurately projecting market conditions over a 3-5 year entitlement and construction cycles.Given all of the inherent risks associated with the development process, the one (and greatest) risk being whether or not the project can be entitled most certainly should not be taken and is easily solved with the right set of contractual terms and conditions.Right or wrong, I have been able to avoid running out of time on a purchase contract (came very close once) and being forced to either close before entitlements or having to beg the seller to give me additional time to close.One critical point to understand is that 100% of the time, money and effort spent by a developer to get a site entitled means that any and all progress made in those regards "runs with the land".

I'm specifically looking for something that can function as a long-term or vacation rental as well as commercial application.Fourth, brush up on my German, teach my wife some, and enjoy a fall vacation in Berchtesgaden, Germany!

@Jonathan Twombly  I have done a lot of business over the years financing deals for guru students.so I can paint a broad brush. you would be surprised at how many are actually real estate professionals that go to those or other successful folks that just cut checks.the taking a dreamer ( real estate not the other kind) and maneuver them into massive credit card debt I don't agree with.. but then I don't agree with many on BP who all want to take out HELOCs and borrow to their eye balls to buy rentals either. 

Off market deals come to me occasionally through other brokers and clients, and I love passing them on to my investors that are looking (those are typically the best deals I am able to find my investor clients, but the MLS can be great too when the market is soft).Jaron, if you're depending on building a network of wholesalers and writing offers through wholesalers/listing agents rather than having a dedicated buyer's agent helping you and representing your interests on deals then I am affraid you are the one that is at risk of being scammed.

Rolled on and brushes don't give the cleanest look on such smooth products.