I did this on a commercial building a few months back and the owner called me.

It's a huge building with a steep roof.

I'd suggest instead that you build your network one connection at a time, and/or consider working for an experienced property manager in the meantime! 

If the new build price gets over 300k. then we have lift off. 

Guess probably 550,000 for a tear down and new build depending on what's required and maybe a year of down time.  

This trend has continued into 2024, with an increasing demand for rental housing driving up prices and creating affordability challenges for middle-income families.To address this issue, developers and construction companies have begun to explore innovative solutions such as “Build-for-Rent” projects.

It sounds like you were given a T12 for the building...

*This post does not create an attorney-client or CPA-Client relationship.

Our goal is to get 2 more this year, but we're stuck on how to build the capital for those down payments.

I have never heard of a program like that - I would be doubtful if it is worth it  - Understand a little about owner's motivation to sell. if a building is on the market for sale by FSBO, by agent or public auction - those sellers listing to sell are motivated - they may try to hide there desire to sell and say things like ''I ain't going to give it away!"