This is actually my first venture.

I now understand this takes a lot of equity to get a venture like this off the ground.

@Remington LymanActually i haven’t ventured outside the Cleveland area yet.

I am conflicted if I want to purchase something close to where I am or if I want to venture out to a further place and involve a property management company. 

I would venture to guess that you bringing an estimate from a contractor saying the work will cost less than $100k would have NO impact (at best) and a negative impact (more likely) because, back to the original point:  the discomfort may well be with you and your ability to excellently execute this complex deal. 

After you have more concrete numbers your best option would be to find capital somewhere , lenders , banks or joint venture with a money partner.

@Ashley ColemanThere are many ways to structure a joint venture.

In fact, I would venture to guess that the three reasons you should refinance your current FHA loan are:1.

Obviously, in time you will be able to venture into multiple real estate avenues but I think industrial or business commercial is dicey right now.Good luck!

The venture funds still live here.....