Years later I rolled the equity from selling that place into 3 separate Memphis, TN properties using a 1031.  

Thirteen years later the real estate is barely back to what it was worth back then and it was massively negative on cash flow (mostly the land). 

@Michael Garofalo Get the tenant in there and build-up some rent and deal with it later.

@Ash Townsend, I disagree with the folks who say you should just put up with the late rents.

Maybe you should join the local business council there to glean more insight.I have friends that watch as people open up their first shop and then they come in 6 months later for a Subway and buy for 50% of build out cost for a discount.

I have gotten tired of radio offering me nothing and want to use my spare time in a way that can add value later on.

PUT UNDER CONTRACT TO FIND OUT LATER ANOTHER INVESTOR FILED A MEMORANDUM OF SALE TO AN HEIR THATS NOT VESTED IN THE PROPERTY.

The deals will still be there later.

I told him that I wanted to purchase the property, do some moderate rehabbing, and then resell the property.He seemed confused that I wanted to buy only to resell a short time later (flip).

In the later case you need to know what liens may remain attached to the property.