We are in the midst of applying for the appropriate business licenses & doing as many renovations to both spaces as we can afford.

What is an appropriate amount?

A bit more work than a regular 12-month lease, but not too time consuming which appropriate policies and procedures.

Any guidance on this is incredibly appropriated thank you all for you time and wisdom!

With the appropriate experience and education, you can break out on your own after three years. 

Any and all requests by utility or governmental agencies to perform work on the property must be reported to Landlord, and Landlord must give consent prior to any modifications or repairs by such agencies."  .......Of course, have an appropriate attorney review your lease after any changes. 

Unless foundation issues are common in that area, it seems it would be more appropriate to bring the engineer in during the inspection phase.

CONSIDERING MY ANALYSIS ARE APPROPRIATE TO SIT DOWN WITH A LENDER OR MY BANK.

It is my view if you research your market and understand what is certain, what is likely, and what is unknown that you can determine if this is an appropriate investment.I have made much more money from appreciation than cash flow.

So, it would be the $57k less appropriate closing costs and potentially capital improvements.