@Tchaka Owen Thanks for the info I will update the numbers I will end up managing it myself  I really am not a fan of Class C property but to get started with a "1st" rental property  I did not want to go get something that is too big to start  Yes there are improvements that need to be made and  it has been on the market for 120 days So after doing some repair calculations I am thinking of going in with a 62k offer.

Can anyone recommend a book or other resources that I can use to educate myself on systems and processes to improve the rehab process, specifically related to budget? 

Do you have the money to do improvements?

While he was looking at our shell he was already talking about putting the animal portion of the business on the opposite side of the property, so furthest from my space, and double insulating the walls, extra ventilation etc....he seems like the noise/smell is something he wants to try and eliminate as his first space didnt do that as well. 

If you feel the need to do some stuff to the home, make minor improvements that add to the safe or functional list. ie, if the kitchen faucet works, leave it be.

You should have some money left over for improving the home too.

Keep making those little improvements for your tenants and get those rents up to market level!

This facility has some immediate opportunities to improve bottom line.

I suggest you also being on the loan if possible as it will help you improve your credit score for future purchases. 

If the area is improving and I like the location, then I’m ok going below 1%.