I would be concerned about insurance not covering you if you had an unpermitted apartment in your basement that circumvented local zoning.

(I went to UofM Dearborn so I have basketball players rent out the bottom unit)The only thing that made it hard in Dearborn was how high insurance and property taxes are.

You need to be aware that your e&o insurance will not cover you when you are a party to the transaction.

Will I be able to get title Insurance?

It's an old old building and we suspect this happened from pulling some knob and tube in the basement during the sale for insurance purposes.

You’ll need to sell some food, sandwiches, muffins, etc  too I would think....coolers, display cases/coolers, dishes, dishwashers, supplies, costs for labor, rent, utilities, insurance, licenses, permits, inspections, etc, etc.

We are on a shoestring right now, we have spent all of the money we are able to on necessary upgrades and furnishings etc, and given the tax/insurance/electric/gas/cable and wifi bills that are going to be due on the regular there isn't time or money to upgrade kitchen or furnishings, we were hoping that maybe we could accrue enough of a surplus that come spring we might tackle a kitchen reno or other such projects, but at this point I am not holding my breath.I will look at our prices compared to other similar properties, I had been under the impression that we were priced lower, however it seems I am mistaken given the feedback here.

Expect to foot 2500-3500 a year for annual membership, insurance training etc. 

And the desired one to invest in is "warrantable"....that means they keep good books, finances, insurance, aren't being sued, etc.Also, if you are looking for lending in Virginia then try posting to the Virginia forum as well. 

Partners want financially stable folks that can follow through with obligations.