I know the there would be lots of hidden risks (e.g. lien, legal issue, etc) when you a wholesale property from a wholesaler. 

The difference between our mindsets would be our level of risk tolerance.

I think a big thing here might be your risk tolerance and ability to turn the project house around.

Better to risk the banks money in a correction and spread your own around to generate maximum returns.

A lender is taking a rather large risk in lending you money, so you have to pay them for that risk, since you don't have enough money.  

@Mike Wood, am I risking the rest of the pipes if I don't do the supply line quickly?

Risks for not getting it permitted?

It all depends on the expense to sell that property and the risk associated with the sale.Every owner says "Well it will sell in a day""It's the best home around because""This view is worth $35K""The recent sold didn't have a kickout in the kitchen and it is worth 40K all day long"So my suggestion would have been to find a couple agents to get ideas.

It is all about risk tolerance as well as your other reserves. 

by numbers it looks good, but as you said the grocery store is the biggest risk (imo)that is the inherent risk with commercial retail though.