Have any of you owned an older commercial property and been approached by a developer looking to purchase it for re-development?  

It's also a more predatory approach if all you can do is make your money by taking equity out of a seller's pocket.Profits come from adding value over what you paid.

Pros = 1) Rented on one side for 15 years, the other for 2 years 2) Zillow is telling me that its worth $52,0003) There is nothing rented for under $400 on Craigslist in that area.4) I have it under contract for $20,0005) I have had an agent/property manager tell me it is worth 65K not to buy if for more then 50K he also has properties in that area. he thinks it should rent for $350 to $375.7) A property manager went there and told me its not in a war zone,but its a 6 with 10 being the worst.8) A second agent gave me an income approach and told me if I wanted to sell it I could get about $40,000Cons= 1) 3rd agent went there and he told me that the area is too rough for him and wont touch it, but has friends that will go in that area.2) I am unable to pull comps- I have used things like myfirstamerican, Eppraisal, Chase estimator, and not getting anything, this is also why I have contacted a lot of agents to give me some feed back. 3) I live in California and will have to find a support team there.

Similar to other guru presentations, they take the approach of talking about how anyone can get started with this stuff and how everything they're giving you is worth several thousands of dollars. 

If I were a more seasoned investor and you approached me with this deal as an absolute newbie I would be extremely hesitant.

It sounds as though the best approach would be to have a real estate attorney advise you on the particulars of wholesaling in Ohio.

I would like to see if I can get it for 5k down but I am stuck about approaching him on a 5-7 year balloon/ 30 yr. amortization and refinancing the property in 5 years traditionally or seeing if he will do no balloon with a 30 yr. amortization.

What approach do I use and how do I sell them on putting up some funds and I do all the leg work?

You are right in stating that there are many different ways to approach your RE investing to make sure that they work with your long-term goals.

If you seem like the "common person" you will be more approachable.