That will work for about 3 minutes until the property manager finds out what he’s doing, an eviction is filed, and your friend is looking for a storage unit for all of that furniture and those furnishings that he just bought.

I operate a water works company and specialize in fire hydrant inspections and maintenance,  water leak detection, and back flow device testing. 

Multi-family, self storage, office, etc?

We do plan to purchase two small storage sheds and two inexpensive mowers and make the tenants responsible after the first year.

Is it to buy commercial (e.g. apartments, self-storage)?

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

I want to add access to the basement (it was closed off due to the stairs collapsing a number of years ago), to give tenants storage access and also to install washer and dryer units (these updates don't need to be done immediately, but I'm factoring them into the analysis). 

I'm planning on putting my office on the 2nd floor (GSF 3500) - although I don't need this whole floor.One of the challenges is rehabbing the building vs cost - a lot of delayed maintenance on the building (it was simply a storage warehouse for 30 years).

Storage, parking, sub metering, laundry.......

Does it have items left for you to increase value (raise rents, storage, reduce costs, etc)....