If you can only get 70% then you are covered.  

They are willing to structure it to buy the land from them with a 1031 and do the build job separate but hoping anyone here might have experience and guidance about how to structure it so we cover ourselves.

Even if tenants pay base plus cam to landlord they generally do not have the funds to cover parking lot or roof right away and landlord has to pay upfront and collect cam over the years to make it up.If you want to fully update the center for new roof,re-coat and stripe parking lot, new paint and facade etc. it could run into the 6 figures for that or more depending on building size.There are companies that buy shares but they want a discount. 

Is it possible for someone just starting out to find buy and hold deals in my area that at minimum cover expenses or provide some cash flow, or do I need to look elsewhere.

But I wouldn't be surprised if they do expand rent control to other areas and to cover more property types.

Technically the son is required to cover all damages since he signed the lease.

My insurance company was involved and we wrote a rider on the leases to cover liability and indemnification.

The problem is I️ do not make enough to afford the mortgage on my own but I’d like to keep the property because of the location and the opportunity to own a house right by the beach ( Belmont shores in Long Beach ca) other options are to fix it up a bit and try to rent it but I’m not sure if we can rent it for enough to cover the mortgage.

Once I sold to a friend and used one attorney for the deal, it came back to bite me because the attorney neglected to be sure all the bases where covered to protect me.

If you just assume that with freeze damage there is also water damage and possibly mold and electrical you’ll have your bases covered.