It already has a tenant with a 2-year lease.

Over the last couple of years I've controlled over $2.3M worth of real estate using creative strategies like wholesaling, lease options, and seller finance.

Unless there is something off the books on this deal, my guess is IRR will likewise be unimpressive when compared to money put in a hassle free investment like S&P Index Funds.In regard to your other questions: S&P Funds can and are frequently leveraged via margin accounts. 

I gave them 45 days notice of the new lease and rent increase (5/15).

Is buying a 9yr lease on a bar a wise investment!?!

Many realtors will also handle the lease renewal for you because they know you'll come back to them once you have a vacancy.

Lease Agreement says: Quote:CARE, CLEANING AND MAINTENANCE: Except as prohibited by law, Resident agrees:(a) to keep the premises as clean and sanitary as their condition permits and to dispose of all rubbish, garbage and otherwaste, in a clean and sanitary manner, unless Owner/Agent has expressly agreed otherwise in writing in an addendum tothis Agreement.

There is also Subject To, Wraps, Lease Options & Land Contracts.

I believe for your first investment property you should look into using the Master Lease Option method, it has the least amount of risks as there is no down payment and and you can essentially "test drive" the property before deciding whether or not to buy it.

If your investment has appreciated a lot and time the lease will expire and it is in a D, F neighborhood it is time to consider cashing out and do something else.