I inherited the lease and the previous lessor didn't have a penalty clause, although forfeiting the security deposit was mentioned. 

But with that being said, just as @Alexander Felice had mentioned, appreciation is just not happening which has had me thinking about selling.

@Dave Foster , Thanks for the mention. 

As someone else mentioned, there are networking groups locally for "people like us", feel free to message me and I can pass along more info.

I believe there was another thread on this topic floating around were some local smaller player companies were mentioned.

Hi Ryan, If the comps support 175K ARV by those upgrades you mentioned, then you can be optimistic because they're obviously selling for that price.

Welcome to BP,My advice would be to intern or shadow someone already doing the work you're mentioning.

Probably just a Quarterly Income Statement, Payables Aging, and Rent Roll. 

Honestly, it's too bad that the operating part of your dad's business does not carry with it some residual value of some sort with regards to that commanding a sale price.My hunch would be that this would be far too risky to embark on as a first go of things.Especially, from what you're mentioning this may have a large impact on the quality of your dad's retirement.If you have the funds and can structure something, the place to start would be to engage with an A/E firm to get a cost estimate generated for a concept building like you're mentioning. 

@Matt Vezina the HomePossible loan was mentioned to me today.