You might try to find a portfolio lender as a happy medium.Definitely have an inspection as @Chad Zaback recommended to determine the condition and life expectancy of all major components and appliances.  

I know this is the case with residential but I am not sure how it would work with the mixed-use component and if you could end up occupying the business portion. 

Pretty conservative considering the assignee will have 110K in equity after the rehab.You just made 30k without lifting a finger, lining up contractors, arranging financing, not to mention the possibility of uncovering something detrimental to your profits.

The current income and asset type of the property is just only one component of the overall investment picture.   

One of the critical components of the budget is putting away money to invest later.  

rental income is simply one component and not always the most important.

@Johnathan Le - Your debt service is just a component of what its going to cost to carry that condo; if your rent won't cover that alone it really wouldn't qualify as a rental property.   

Some people think that purchasing your own property to live in is a detriment to investing.

And how would an appraiser know if the comparable they are using for the report have similar components?

. :) Yes you can get some of the best deals, but is a lot of components and everything must be done in a timely matter.