I would think if you had an apartment building with an elevator and no green space the picture would look different.

If you have parking, make documented spaces for each unit.

If that's an accurate figure for total closing costs (and it includes any escrow funding required, title/recording, origination fee, processing/underwriting fees, etc) then it does not seem unusually high to me, but please keep in mind that my experience is in the asset-based lending space-- so my opinion is skewed.

Google the Utah real estate agent/investor who went to his property to demand rent and ended up killed and stuffed in a crawl space just because the tenant's didn't want to pay or be threatened to pay. 

Now looking back, I kind of want to get a few STRs near Medical Center (yes I know that’s gonna be tough) and theme them out.

I figure being a licensed agent could be a good “in” for the RE space.

Best long term solution in my opinion is to convert the space to as low maintenance as possible while maintaining attractive appearance.

It will most likely end up being converted to middle income housing on the 2nd and 3rd floors, and then the 1st floor and basement could be utilized as retail space (assuming the building stays up, which is what we prefer).

I want to maximize my cash flow for that first year and if I have the space available to me then why not.

Hard to say how to react anymore as we don't live in a capitalist system, we have crony capitalism; the fed just paid jeff bezos to fly into space.