Focus on areas with low vacancy rates, strong rental appreciation and economic growth (check to see if businesses are coming or leaving and what unemployment looks like). during this phase you should decide what tenant profile you are going to target section 8 (or similar)?

How does one go about making an offer on a commercial space that is becoming vacant shortly, such that if I cannot find a qualified tenant to fill the vacancy that I can walk away from the deal? 

Personally, I like New Brunswick because of the constant growth at Rutgers, J&J, RWJ, etc - tons of opportunity and we never worry about vacancy here.

There is low vacancy rates, guaranteed rent, and they stay for a longer period.

You can check vacancy rates, property taxes, ARV, rehab costs, and days on market.

I am pretty confident I can fill the vacancy immediately, and probably charge a higher rent as well.

Establish a solid reserve fund (3-6 months of rent) to cover unexpected expenses or vacancies, which are inevitable over time.Make sure you're well-versed in local landlord-tenant laws to avoid legal complications.

Since the vacancy is required for the loan, this would fall under the loan contingency.

What are the vacancy rates like in West End, East Atlanta Village, and East Lake?

If you do it right e.g. always carry a reserve for repairs/vacancies, hire a GOOD property manager, keep the tenant happy by doing reasonable repairs, etc, then investing OOS is a great option to build wealth.Good luck and be sure to utilize the BP community if you need help down the road.