Despite popular opinion, contractors are smart and most understand the lien process very well.

Welcome to BP - And I wouldn't call it dumb luck, but smart luck!

@James Borinwelcome to BP and very smart that you're getting going right now.

If you're talking about a 45 or 60 day closing period somebody is far more likely to shop your price around before they sign on the line, to get a good deal be prepared to close in 10 business days. 

., near shopping and a college) and it would probably rent pretty easily (once fixed up) for $1100.00/month.

Juan - coming from the East Bay, I think this is super smart and not that risky...they will sell like hotcakes.

I made a little money with that, but when it became obvious that I was unable to grow profitably, I closed up shop.

About 15 min from town (shopping) 7 minutes from the interstate.

CA properties are more profitable but if you don't have the money or smarts to buy in CA then you settle for less profitable areas.

Some thoughts of what to do right away:See if the property is earning the market rate for rents (current owner says she does not know the market and has never checked).Find out if having the four tenants pay their rent online is an option.Track the leases (current owner has lost track of who is month-to-month, who is due for a rent increase, etc).Shop the insurance to see if they're overpaying.Since I'm new to this realm, I wondered: what else can a new commercial prop. manager do to quickly add value for their clients?