No need to put the cart before the horse. 

Either way, I think you're putting the car before the horse...

Unfamiliar with commercial REIPros:Lessee willing to rehab part of the propertyIt’s the exact set up the lessee requiresStable business lesseeIf this one doesn’t work out he still needs to secure two more commercial properties regardless.I can afford the mortgage if I eat ramen.There’s a second retail unit to lease.Yes, I know I’m putting the horse before the buggy but I like to get ahead and I’m learning.

One time I sold my race bike (a 2008 Yamaha r6) to a guy on Craigslist.He tried to intimidate me into letting the bike go for way less when I knew it’s worth. $4,500. 

What has occurred historically is such things became code words for people of this race live in this neighborhood, or people of this other race live in that neighborhood.There are many testers in the market from real estate commissions, local boards and non profit organizations that are looking for fair housing violations and will take action against agents committing them.

Am I putting the cart before the horse by even considering it at this point? 

Horse people also want larger lots.

Obviously races, religion, what else?

Its not like you can discriminate based on race in some states vs others so in practice (even if not in theory) the application really shouldn't have to be all that different across the US.If it helps, I'm in a non-rent controlled area, as is over 60% of the nation.

Typically it is a niche property(eg. horse property, rural, etc.) or about 90% of the time it is priced to high.