I would likely have to pay a pretty good premium to be able to have seller hold the note.

There are a few HMLs that will work with first timers, but it's a premium.

You could be and likely will be paying an inflated premium for that now in most cases. 

I know the market and keep rent rates at a premium.

The only catch is that, you need to be high enough networth to be able to acquire that type of premium commercial asset and to carry the 12- 18 months of vacancy(if necessary) and  go without the cash flow(if necessary) during that time.

You don't want to be replacing your family heirlooms just to save some money now (think of the insurance premiums too!).

I used to rely on a now older study by Lawrence Berkeley National Laboratory, which suggested a PV system may add up to a $5,911 per Kilowatt premium to value, but would decrease about 9% every year, due to degradation of the systems' effectiveness. 

Once all renovations are done, we'll be marketing the property as a premium stay since it will have higher-end finishes and is in a strong area. 

If you're near a hospital there are typically nurses/doctors who need a place for anywhere from 30 to 90 days and are willing to pay a premium for a furnished space. 

Here's the dilemma: I think the older building will continue to appreciate and rent for a premium.