So I made to decision to start investing in real estate now, rather than waiting until I hit my 30s or 40s.

Here's  a link to more info --FTB Decision ChartHope this helps.

are going to re-inspect the unit in question before we make a final decision on the renewal.  

Commercial space usually takes longer to rent so you should definitely weight that into your decision.

(I know there is a risk in any decision i make) For the new or experienced investors, what would you do if you had 25k at 3.25% interest for 5 years (60 months) for your first purchase in REI?

These are all important things to consider and we'll be more comfortable with our decision because your input.  

Thank you for the welcome :)William, I have 5 different zip codes that I farm in this area (2 in Santa Rosa County, and 3 in Escambia County) with a simple model that I use for quick decisions.

Five days is just too short of a time frame for most lenders (including private money etc) to perform their due diligence and come to a decision.

I just don't know which way to go, is it normal for banks to take this long to make a decision?

Usually I would say yes, but the circumstances of the tax lien and the co-signor's efforts to redeem would guide my decision.