Commercial tenants can be credit rated tenants with corporate guarantees or the mom and pop type.The mom and pop type carry usually the most risk as a start up.Franchised stores such as Quizno's or a Subway generally there is less failure as the corporations makes sure the operator meets liquidity and certain training requirements.What usually kills mom and pop type businesses is poor planning and making the same mistakes over and over again.This is where a franchise is strong in that with their franchise fees the operator gets national and sometimes local marketing.They also get tried and true processes and systems to follow which greatly reduce them screwing up.With a mom and pop you are going with an unproven startup which if fails has very little to no assets to go after.Sometimes a mom and pop will have multiple locations and be more credible with assets and experience that are less risky tenants.When taking on a retail tenant that is unknown or not well known ask questions about how they will bring in business and their marketing plans.Many start ups believe you open up and people will find you and the business will come flooding in.This is absolutely untrue.I remember Papa Johns pizza back when I was working as a stockboy at Wal-mart as a teenager.

You'll want truck tickets with the tonnage and you now have set unit price for the CO.Anything underground is unknown unless you dig it up.

IMO, there are too many unknowns for anyone to give you an answer like you want for many reasons, and I'll list just a few of them:What is your strategy with these?

Your expense numbers are based on what you "know", but you don't factor anything for the "unknown" expenses - attorney fees, accounting fees, vacancy, advertising, reserves, capital expenses, + others.

I have provided this information only to inform you that there are other ways for you to accomplish what you want in real estate investing and generate cash flow and realize appreciation other than globe trotting and going into far away and unknown markets.

I've done 1 intense flip, and I definately found a lot of unknowns...One of the few thigs that really scares me is foundation issues.

Fear of of unknown consequences, even if the fear is irrational.  

Simple fear of the unknown.

Everything from your classic case of analysis paralysis to fear of the unknown. 

Plus 15% for the unknown.