If I were to guess, I would think that the new administration will bring positive change to the housing sector by removing regulations that impede builders, and affect building material costs. 

Also factor in if the rents jumped a lot and if that would lead to a vacancy, which will cost you more in the short term. 

Definitely a strong location with great visibility and high foot traffic.Since it’s a NNN,  your expenses are minimal, but if LazyDog ever exits, buildout costs will depend on lease terms and the next tenant.

I also think this is a really important number to know going forward due to calculating holding costs! 

It cost $38,000 for the framer to take on the risk and do the work - and that does not include the cost of the GC, or architect, or plumber that was also required!)  

Those situations go bad more often than not, costing you money and the friendship.

You won't find a deal where you live for free, but if you can live in a great neighborhood at a reduced cost of living that is a nearly risk free way to get started in real estate. 

Account for the cost. 

For example, what is the cost of living now and projected in the future? 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.