I am doing all the research I can to analyze the deal but I am having some trouble getting many comps for properties like this due to my town being pretty small and not having a lot to go on.

Yup, that new…ANYWAY, I’m looking for advice on an idea I have about renovating a space for a future tenant.We have a commercial space with 4 offices sharing a shared waiting room.One of which my business partner (and wife) operates her therapy practice out of.We were approached by an established massage therapy practice who is interested in renting all three offices.My wife doesn’t feel like she wants to be the only metal health therapist in HER building.

There is a lot to address there but I'm going to try and give you as simple an answer as possible.It starts with the cause of loss - why was the hot water tank shooting water everywhere?

If they are already established investors, buy them lunch or coffee in the next few days so that you can start to build some mentors into your life.

So consider establishing your LLC & get approved for Hard Money or Private Loan  for the LLC.  

You could probably even get someone on the phone and go through this quickly.Your age plays a role with conventional financing if you have not established sufficient credit history and it's impacting your score.

I have not established an entity.

1) Pay off all credit card debt with high interest if you have it2) Establish an emergency fund. 3-6 months depending on your risk tolerance3) Decide what real estate strategy you are going to pursue based on how much time/energy you are willing to invest, and how you can add value (i.e. finding deals or finding money)4) Decide on the market you want to invest in and attend local REIAs5) Have a mentor in the market you want and add value to them At the same time you should be listening to all the podcasts and taking notes.

However, the house was build in 1974, which leaves me to believe there is going to be a lot to replace/upgrade within the house.

I know this is the circumstantial question, but is it cheaper to build on an empty plot of land, or demolish a pre-existing and use the sewage, water and electrical lines that were already established ?