I took a peek through some boarded up windows, and realized the identical half building is a shell- no roof or floors.It appears that the original builder built a brick rectangle 32 x 50 (next to a third brick building), and then split the box into two 2-story buildings- I want to own the left side.

Your case is nearly identical.

Name, recent addresses used, social security verification, DOB verification; eviction records search, nationwide criminal and sex offender scan; nationwide criminal court records; credit summary includes tradelines, accounts, payment history, estimated monthly debts, past due, and available credit; collection accounts and outstanding balances; prior inquiries and rent history.

Recapture is indeed taxed immediately, but what we deal with is not really depreciation recapture, but an "unrecaptured Section 1250 gain" - a very different animal, despite an almost identical name.

I might just add for further thinking, that once you get through site ident/acquisition, zoning, politics, initial design, then you'll want to run a proforma to make sure your deal pencils.

We've spoken to his employer and his mother (where they live now) for employment verification and character references.

I am running both of their background checks and income verifications, and his credit score.

Interestingly, a 10 CAP on what you describe is almost identical value: about $340k ($103k business valuation / 3 = $34k in NOI). 

Still looks good though, just will require verification of revenue and proper management.

Just treating minorities fairly in the business we do every day can have a huge impact, one family at a time.Being able to understand and be aware of our own privilege, whether it's gender, race, sexual identity, socio-economic status or whatever and make sure we're treating those who are not as privileged as equals can go a long way.