I opened my LLC in June and just got my first deal for the entity under contract.DetailsPP $46,900Rehab <$20,000ARV $105,000Rental Range $825-$875Monthly Operating Expenses $311.17Paid Cash and will open a LOC once rented and appraised. 

Rents are a little lower ranging from $900-$1600 depending on the town.

Commissioner , supra , neither the taxpayers themselves nor their agents had been sufficiently active with respect to the real property involved to be engaged in a trade or business.

We're talking in the $150-180k range here, around 1600-1800 thoughtfully planned square feet.  

I have sufficient funds for a 20% downpayment, but am debating if it might make sense to use an FHA loan only and put 3-10% down instead to keep some funds available for seeking out future deals.Loan would probably be in the $400k range, which means3.5% = $14,00010% (MIPS for 10 years) = $40,00020% (no PMI) = $80,000Of course I'd take the 0.88% PMI hit by going FHA which really annoys me given that interest rates are rising already. 

The obvious downside to investing in a small commercial office building (2-3 tenants) is the lack of large value-add, there just isn't space.5) If I purchase office space I could lease-back some of it to my consulting business and draw a little tax free money out of the company.Residential:Let's get this out of the way, I'm familiar with BRRR and I know folks doing it.1) If I go residential I would be purchasing 2 or 3 properties in the 300k price range.

Based on the repairs i have seen so far i planned on an offer in the 225-235 range. 

Are most low priced properties in the 50k range required to be an all cash purchase ?

Cap rates in the 6% range are common all around the country.

So far the strategy I have in mind is to focus on properties within the 100k range, perform rehab and fixes as needed and rent & hold for a while.