I have been warned there is a lot of interest in this and there will be a bit of a bidding war apparently.

If so, In my opinion I would pay that off first before doing anything else.As far as the market, you have numerous ways of gaining experience:1.

They are not in a war zone there in a good area of the country that I'm from and totally familiar with. with all cash we can close on these homes within days.)2.

Attend the local meetings and you will get your fill of "war stories".

Much better alternative is Solo 401k, there are numerous benefits over SD IRA (Mike described some of them above), but most importantly you (the client) is in total control of your funds.

I worked in both in the 8o's and had we not had the earthquake and the first Iraq war I would probably have lived there the rest of my days.. but that is another long story

Whether the percent is based on gross sales or something closer to the tenants bottom line will determine how far into the tenants books and business the owner must crawl, hopefully they both have good accounting and accountants.Are there any outs for the tenant and what happens if the tenant wants to sell their business before the lease expires are among numerous other provisions that need to be dealt with as well.All these things and more can be negotiable depending on how much demand there is for the space.

People often walk away when there's a mortgage you are left to deal with, but it's unusual for someone to walk away from a free and clear property unless it's a "tear down" in a "war zone."

Generally speaking, if my Seller is willing to reduce the price so substantially, they are smart to reduce it to the public at large to create a bidding war.

This typically happens when you send numerous messages quickly, especially if you say the same thing in each message.