There is an opportunity to purchase an office building for a deep discount but it is vacant and needs some cosmetic rehab.

Another time it happens is when we buy an a deep discount, rehab the home and do a refinance. 

Having a PM that lives and breathes this market is crucial if you want to stay booked, get great rates and maintain a quality product. 

Tying to get all of our ducks in a line before we get in too deep. 

It isn't much of a factor here as there is only one other tenant left in the building (beside myself) and they are on the brinks as well; all others were crushed by COVID.Sure enough there's also plenty more available spaces in other buildings in the area too.But that's not my major concern as the building is paid off and I do not have banks breathing down my neck. 

I'm hearing everything from "it's going to be way too expensive" to "it might just need a deep clean".

If it sits vacant for a month and you have to eat ~$1500, or a big expense comes about putting you deep in the $(-), that might hurt.

It's often not as easy as just saying "oh hey, can you send me proof of that", no, Property Management is like herding cat's, the management of tenant interactions is a deep science and skill, one not quickly or easily taught. 

A big plus is that I have the first option to buy the two adjoining lots and the lot that the house is on is deep and I could build a garage apartment.

You're asking a prescient question here and one that itches deep within the hearts of all real estate investors.My guiding light in investing is "let the numbers tell the story."