The Commerce Clause has been used to support non-economic Federal law to trump state law regarding morals, welfare, civil rights, and ultimately any human activity which has any affect on activities in more than one state.

The economics of the deal look ok but I'd be interested in a few more things, given the times. 

If that is not the case you can analyze the current real estate market and trends and identify markets that will more likely than others be stable or less affected by coming economic declines. 

During the Asian financial crisis, prices of condominium dropped between 9 percent and 14 percent from 1998 to 1999, followed by a recovery in 2000 when prices grew by 24 percent.

That said, it's clear that our economic recovery has begun, the worst economic quarter in the post-World War II era is behind us, and the question now shifts to how quickly we recover.

This will give you insights into the long term economic viability of the area and can inform where you choose to invest. 

How has your economic occupancy held up during the recession?

It seems the most economical choice at the moment both to purchase and the cost of fuel.

When I pressed about this the investor made the claim that many banks are pulling back on lending on construction projects that are not owner occupied due to pandemic/economic reasons.

Once we hit a solid economic down turn I think you are going to see a lot of deals to be had.