The city approved rental license inspector essentially just tested to make sure there was access to hot water, access to heat, no unsafe conditions like exposed electric wiring, CO/smoke detectors present/functional, fire extinguishers present/not expired, etc.

Due to the size of these stores it makes it very difficult to rent these locations and in most centers you have to divide the space which requires significant modifications to hvac, electrical, plumbing and storefronts.While this doesn’t answer the questions gives things to consider if buying one.

Maintenance guy has his electrical license and plumbing license.

(Note: These are non-negotiable requirements) Other Incentive ProgramsSmall Business Improvement Fund: Best thought of as a storefront/small business rehabilitation program, this small grant program ($150,000 for commercial properties and $250,000 for industrial properties) is targeted for smaller renovation projects and can cover anywhere from 30-90% of the cost of remodeling a storefront facade, roof replacement, major systems replacements (HVAC, plumbing, electrical, etc.) or an individual interior space build-out within a larger building to get it tenant ready.

There isn't a lease on the property yet but I'm sure there would be quickly because everything is new including all new plumbing, electrical and HVAC.

Labor costs are 20-30% higher than my core market in Denver, which was very surprising to me, which makes finding a PM that has in house maintenance, electrical, plumbing, HVAC very valuable. 

If I'm buying old then that it becomes very important to understand capital expenses for upgrading plumbing, electrical, fixing foundations, etc and understanding the properties current condition. 

Or a SFH that has a detached garage or work shed and convert it (running electrical and sewage might be expensive so do your due diligence).

Marble backsplashes, all new kitchens, bathrooms, HVAC, electrical, refinished hardwood flooring, etc, all with the idea that we would get better tenants, higher rents, lower vacancies, and less maintenance/repair requests. 

Having 1-2 go-to vendors for the highest frequency problems… plumbing, A/C, septic, electrical, and roofing, I can pretty much make a 2-3 minute phone call and pass the problem to someone who will solve it with little more input required from me.