However, this is not to say that you may not trigger inspections from the county that may require you to make certain improvements.

The cash flow is marginal, it needs improvements to be rent ready, and you would be an inexperienced long distance landlord.

Those who see we have improved the place will be happy to sign.

Also, most people don't like the idea of a co-signer, but you can always remove them later once your income has improved.

The building was bought and somewhat improved about 7 years ago. 

Unless and until the economy improves and the housing shortage turns around, you're going to see people getting creative with their available spaces.

@Dustin Lauer thank you for your feedback, interesting to hear from a lender side, appraisal was actually done couple months ago and all requested docs were submitted, so it's unclear what's delaying other than them not wanting to do the loan, great point about using tech to improve the process, hopefully that's where we are headed@John Morgan how long did you wait previously?

Keep in mind you should still account for maintenance, capital expenses and future improvements (which are all accounted for in commercial property along with vacancy factor)I know this is a lot of information but success is in the details.Final point, if the numbers are right this property should qualify for rehab and long term financing.

We'd each contribute equal capital into the partnership, but our competitive advantage is that he'll live near our properties, is an extremely skilled contractor, and can thus manage and repair/improve our properties more affordably.

Essentially, there must be a paid parking footprint in the area already.The ideal asset would cashflow from day one with the ability to add value via technology, operations improvements, and/or NN lease addition (or renegotiation).