The best eye opener I saw was a small ranch (in an $80k post war ranch neighborhood) that had an addition built across the back of it on a crawl space.They added a large master bedroom with ensuite bath & laundry, his/hers walk-in closets.

If the property is underperforming you might be able to arrange a master lease option ( lots of good threads and articles on this on BP.

If the space is vacant and the seller is providing an master lease the lender might require an escrow for TI's etc.If for instance a center has some strips but larger buildings mixed in and the larger building have just 5 years left on primary lease term or less then the lender might require extra reserves.

Little late to the party, but I'll give you my $.02I've always structured with multiple LLCs - for example, my master investing LLC is BTR Holdings, LLC.

I ended up getting my master plumbers license, and have a thorough hands on understanding of residential electrical, tile, drywall, ect. 

Or is it just something that takes time and real world experience to master.2.)

Here's a timely article for you by a Wisconsin Master gardener in Portage County. 

But frats tend to like stick build and code issues could make group concept impossible, especially since this is already on code enforcement radar.UC Riverside reputation is ascending, there are several large new development projects in planning stage nearby (including huge master planned community immediate to south of university along I-215), UC Riverside has a dearth of student housing and thus ample demand, and I personally see continued appreciation in this market over the next 3-5 years.  

I am trying to get my niche as narrow as possible, then expand once I've "mastered" that strategy.

I'm at a point where I've got a plan mapped out to learn my market and soon after will work toward mastering repair costs.