I did my 1st phase of due diligence in terms of financial analysis and market analysis.

My primary goal is to increase my monthly income so that I have more financial freedom to expand my small business. 

I will look for the area where the property tax is low, limited exposure to natural disasters (hurricane, wildfire, earthquake, etc.), and landlord friendly.

I send everyone to First Financial NW Bank for commercial products.

I started listening to real estate and financial podcasts about 2 years ago which led me to the BP podcast and then to this site.  

Get last 2-3 years financials.

The previous posters are right about getting your financial house in order though - whatever that looks like in the particular case.

Some financial organizations choose not to allow IRA investments in real estate, because as custodians they must be willing and able to manage real estate investments under the IRA. 

That city has the potential to grow due a rich city next to it is growing aggressively fast, but at this current moment the city is not in a great financial situation.The property is a 6 units apt building in decent shape.

You will need to know and understand though financials of renting and determine if the property is a worth while investment as a income property or a money pit.