I am a lawyer by trade but neither of us have any real estate investment experience.

It take a lot of action, persistency, and perseverance.

He's someone I trust, based on actions and reputation.)

Like trading Stocks, everybody is looking for that Momentum, fast Cash, trade.

All that I would add is to take action now and don't wait. 

I can explain why in more detail if you like to talk about it.All good questions but please be careful not to fall into the "analysis - paralysis trap".I recommend getting support from a mentor and together developing an action plan rather than aiming to learn everything yourself before you pull the trigger on the first deal.

Once you have your NOI, see what the cap rates in the area are trading at.

Get one for each trade. like electrical, plumbing, framing, Etc.....Nothing is a substitute for experience though.....

If so, what should our next action be? 

Would an adverse action letter be required for each of these potential tenants who has requested a showing or submitted an application (I did not invite anyone else to apply yet, but some have applied immediately upon seeing the listing without any pre-screening).Any insights would be very much appreciated.