Below are some more details and a few questions.PROPERTY/LEASE-rural Minnesota town (around 5k people population)-built in 1974-property is in good condition, right on the main street-10 units ranging in sqft-1 unit on a 3 year lease, 7 are on a month-to-month lease (not sure how long they've all been there), and 2 are vacant (yearly rent for these 2 open units combined would be around $22,000)-there is room for about a 5% increase in fair market rent for the units on a month-to-month lease-the expenses paid by the owner are taxes, insurance, utilities, snow removal, cleaning the common areas and minimal maintenance-yearly rent $133,560-yearly NOI of $103,447QUESTIONS-what are people seeing for office/retail CAP rates?

Lower FICO, minimal experience, less than 20% down payment have higher rates so considering, 10% is on the market if some of the above factors are deemed riskier. 

they'll just be delayed... 5 years, 10 years, whatever depending on the life of the item.the mitigation is having the funds.

Personally, I would contact a local real estate litigation attorney for a free or minimal cost ($100-150) and see what steps they reccommend.

I see the need, think we can keep it full with minimal vacancy, but with the worse case scenario I can come up with we come out down 80k, the HELOC interest paid and I would have to work a job (currently stay at home dad with a side hustle as a nursery) to pay back the money (not that bad TBH).

My strategy is to maximize revenue while minimizing expenses. 

I'd keep rent low, no car note, frivolous spending minimized, retirement accounts maxed(401k & IRA), savings a high allocation.

@Lin Ding  If the seller agreed to repairs, don't delay closing just for them to be completed (unless they affect your financing). 

I agree that its atypical, but I am hoping to hold the properties for an extended period and want to minimize regional expenses like separate taxes on the properties.

@David Garcia- thanks   1) if you plan to lie in one of the units and minimize the down payment - use a FHA loan  as  down payment can be as little as  3.5% of the  price  2) if  not planning to live in one of the units - use a conventional loan and  your down payment will be  consierably  higher  ( the amount  will vary based on the type of property you buy   3)  downside to using a FHA loan - you have to pay  upfront fha mtg ins  premium of 1.75%  ,,,the monthly mtg insurance is  permanent and high ..benefit to  FHA  is low down pmt ,  tend to be better priced  and also more forgiving on credit  4) let me know if yuou would like a FLA based loan person referal and  good luck