The closures arrived at a time when Phoenix's retail market was tight, with space for expansion becoming increasingly rare.

Quote from @Joshua Michael Hauman: Hey BP Community,I've got a friend who is a veteran and asked for my help to get into investing and I'm more than happy to help him out however there a concern that came up.

Without tenants it's easier to show the property and the condition can look better than if tenants have their stuff everywhere.

conventional investment loan How did you add value to the deal?

This is because so much new multi family supply has come online.

If the appraisal deems it to be "Subject to" you will have to use a renovation loan/construction loan to repair and close. 

Forget the VERY obvious (to the IRS) tax fraud.

Finally getting my profile up and running after investing in RE since 2016 and leaving my W2 in 2024.  

Wiring and light switches are tough to relocate but opening things up never hurts. 

You'll spend a lot of time (sounds like you may have already) spinning your wheels in trying to find the right lender, whereas a solid broker can pair you up with the right fit right away and get your project moving.