You can still find these returns in certain markets.

It should cut down on costs and complaints.If the tenant demands upgrades you can't do, I'd give him whatever notice is applicable in the jurisdiction to tell him to go pound sand and find another place to live.

If you can't find what you're looking for, try the Bigger Pockets Fileplace.

Arbitrage can work in certain situations.You have to find an owner who will let you do it.

I’m looking for the milk and cookies but can’t find them:( 

I was excited when i first saw the properties and have been waiting in the wings ever since hoping it wouldn’t go through as I can’t find anything else quite like it and the aim is I will be living in 1 and house hacking.

How did you find this deal and how did you negotiate it?

Once in a blue moon you can find a unicorn on MLS, but that's not how investor can scale their business.

How does one go about making an offer on a commercial space that is becoming vacant shortly, such that if I cannot find a qualified tenant to fill the vacancy that I can walk away from the deal? 

You should find out and learn more about it here OR find a mentor OR shadowing someone