Purchase price: $2,225,000 Cash invested: $350,000 Purchased a 40k sqft ft mixed use building on Main st in Middletown, CT.

If you have not run your own business beyond real estate before, I strongly recommend that you get in touch with SCORE (Service Corp of Retired Executives) at www.score.org.They are a free resource (part of SBA) that will help you to evaluate the financials of the company you're looking at buying, build a business plan and to understand what you're getting into. 

Another option you may not have considered is to work with a developer and build a multi-family property in a desirable area, leverage ECO construction benefits available ($5 to $15 per sq. ft.) and cost segregation and bring in a management company to manage the property once it is ready for occupancy.

I promised that we would not build a new home; the home was his parent's, he wanted it to stay What made you interested in investing in this type of deal?

These buildings are zoned like hotels and have all the requirements you need to rent and make money accordingly. 

Some of those building had extreme structural damage that would need to be identified by an engineer or architect. 

Not even talking about accepting non-accredited investors, which they don't.I am okay with a new firm accepting non-accredited for their first 1 or 2 deals while they build an investor base.

Once the development phase is completed minus the last part which is pull permit for the build, you have a building blue print in your hand, you can send the site plan and building plans out to your local builders for bids on the build.

I have a feeling you'll be able to build back your savings pretty quickly.  

After all PITI, utility, and services (lawncare and cleaning) costs I have $7,225.I set aside 25% of this for my maintenance fund.The remainder funds my lifestyle, wife has a Tesla, and quarterly vacations as well as business growth.In 2023 I am tracking to build 4 duplex units designed as room rentals funded in part from a recent land sale.