What type of business do you plan to install? 

Sippy Hey Sippy, I would be cautious of many over priced law firms, are the type of activities you are in need of can be easily done by an experienced accountant.

What made you interested in investing in this type of deal?

For example, it MAY make sense for you to sell, then 1031 exchange the funds into a larger property type - or a similar property in a nicer area that has stronger appreciation forecasts.

The answer largely depends on the type of investment strategy you will employ, your current liquidity situation, and the size of your renovation budget.

For example, if I bought this type of property and knew that my rents were below average for the local market, then my first phased approach would be to get aggressively try and get those rents up to where they need to be. 

I found a big error here, I typed it in wrong when I calculated.

Is this after tax or pre-tax & what type of tax treatment is this investment recieving? 

What type of sub-leasing will they be doing? 

When I am rehabing what type of insurance should I get?