you can lead a horse to the water trough but you can't make them drink.in my mind if this person can easily afford it.. then its his choice.if this person is like so many that get talked into putting it on their credit cards and going into massive debt to be talked into taking massive action.. then I think stronger words of caution are fair game.I have been and still do fund man students of the various guru's.. have been to virtually all the bus tours and stuff.. there is a fair amount of folks that get a lot out of it and go on to start their investing career.. but But  just like anything only a certain amount of folks will make it at this game simple as that.

The space could be converted for many different uses (retail, office, restaurant, apts, etc.).

I am the Director of Finance for a large national retailer but enjoy real estate / investing in my spare time.

No additions, no massive gain in value, no claims.  

Gut renovation with a third floor master suite that includes a massive bedroom, master bath, and a walk-in closet.

It was a lot to consider at the time with my limited income .She knew it would be very grueling managing a full time demanding job ,a family ,and maintaining her grades in a very challenging major .we also knew if she couldn’t cut it or pass the dissertation we would still be on the hook for the school loans and not only would she flunk out but we’d go bankrupt paying that massive loan without the new higher income to back it up .

Growth in business requires massive cash and so does buying real estate, you will likely hurt one or both if you do not have an extremely high amount of cash when starting.

And at the top of the market is when investors are often most tempted to do all the wrong things to increase returns to equity, such as too much leverage, short-term leverage, and massive and expensive rehab plans. 

After, to move into the top 5 can take another massive effort.

@Johannes Bezuidenhout They are trying to weed out wholesalers and buyers expecting a traditional retail closing.