Leasing agents not attempting to retain existing commercial tenants,owners/agents milking every cent possible from a lease and actually driving business outCommercial vacancies is a sure sign of declining economy, lost jobs and subsequent home foreclosures . . . its a good measure of the community economic health.

1) Scrape popcorn: $25002) Add a tankless hot water heater: $2500 (opens closet in house and resolves code issues with existing tank)3) Pergo XP flooring through all house besides bathrooms

We mostly acquire existing, but we are also developing and converting big boxes. 

You just need to be sure a problem exists first.

Now I will admit that I am new to the note business and still learning to read these credit reports but I am assuming that this means that these liens no longer exist.

Closing with a title company does not grant an existing mortgage title insurance.  

You can take the $20k use towards a down-payment with an investor loan, probably have a few dollars even left over, the purpose of the operational turnkey is that you can expand your DTI / income, the lender will assume 70% of the gross rental income towards your existing income if you have a purchase that includes an existing operational lease.

You also need to plan who the tenants who will replace your space if the existing tenant does not renew and what estimate TI requests will be and market lease rate compared to what you are getting now.   

You're going to spend a lot of money in closing costs, lender fees, appraisals, and probably have a better interest rate on your existing mortgage.

But oh, it doesn't exist so, have fun!