Ask for referrals.Personally, I don't think fees are as important because the lower cost guys typically either have hidden fees or provide poor property management that creates avoidable costs.

Finding a poorly managed property in the commercial world obviously wreaks havoc on the cashflow and when you go to lenders to get financing thats exactly what they are looking for...makes for an interesting time I am sure?

I can see why it looks like a leak, but it's just a really poor patch attempt by the previous owner.Do you have any good contractor you use?

If you know any property managers or landlords around town, that is beyond your best bet.

The asking price is $60,000 but it has been poorly managed and is only half occupied.  

You best bet would be to a conventional loan to take out the equity to do the flip.

Your best bet it an accountable plan in which you submit expense reports regularly.

Taking that high(er) income and playing "arbitrage" into some other areas is a great bet.  

This problem starts with a poor residential developer and a non functioning floor plan. 

Personally, I would think that free and clear (with cash reserves, of course) is the safer bet, but lower potential return.