Does this actually make any sense to you?

I believe city codes might have changed and the actual building size could be somewhere ~4000 sqft. 

They are almost always guaranteed to overpay for properties and lose money in the end.

Taking on deals like this that decrease wealth, such as low return high upfront cost whole life insurance, paying 19% interest on credit card debt, paying 2% annually to have a “wealth advisor” place your money in Vanguard Index Funds, paying for a high cost mortgage because you’re credit is bad, and “debt consolidation” programs are all reasons adding up to why many people can’t achieve financial independence and remain dependent on working every day to live paycheck to paycheck.There is a chance that in a particular circumstance any of these, including the program offer you describe, can be beneficial in certain specific cases.  

DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.

Husband and wife agents with luxury brand, own a construction business, licensed General Contractor, retired army officer, successful spec projects in 2004(money was easy then).

I think the thing that might dissuade me from such a deal is if you needed to put a substantial amount of money down as again, financing is tough with leaseholds from my understanding. 

BP will help you find Capital Market type hard money lenders.

Most equate forming an entity to asset protection, but completely ignore the action items  that should be done on a daily basis that actually protects against the claims from arising.

I should have been more proactive, but money was coming in, so I figured i had bigger fish to fry.