I know that having an in-house laundry will make this building more rentable and convenient (especially in Wisconsin where winters are pretty rough) so I really want to put this equipment within the next month or so.

I decided to check the lease agreement for this property a couple days ago (now it's May 1) and it has a line item saying, appliances (including refrigerators) that may be supplied with the residence "are supplied for the tenant's convenience and will not be repaired or maintained at the owner's expense."

His worries:-if I build on the land during the lease, I could end up losing the property in foreclosure if the owner defaults-I put too much money down as a option fee, he feels I'm gambling -there isn't any wording in the contract on who will take care of structural problems i.e.: roof leaks/replacing he basically looked at me like I was an idiot, until I told me-I don't plan on building on the property before I own it, the seller is giving me the paper work to talk to the city and see if the building was viable.

There are lots of people moving there because of the convenient location.

maybe it was from the old days when the husband would go to town and gamble and lose the ranch. 

an old saying when you go to Vegas is "don't gamble scared", which essentially means make sure you have enough money to bet big when the odds are in your favor….i would modify that quote to fit RE to "don't invest in RE scared"…have the nest egg at the right size before you jump.  

I do not think this is a gamble as you defined above, on the contrary, if you ask the right questions and vet the operator thoroughly you should not have to fear this calamity as you proclaim in your statement. 

You would be gambling big time!

It is pretty run down and I have been struggling to keep the Convenience Store in place (I'm on my 3rd owner). 

The descriptive headings used herein are for convenience of reference only and they are not intended to have any effect whatsoever in determining the rights or obligations of the Landlord or Tenant.30.