I could go on... it has been time to step away from the party lines and see that they are using this to keep you locked in identity politics. the current cabinet politics are anti american, anti middle class. they simply high jacked the democrat party and hiding in its shell within which they are fully evolving as a fascist dictatorship tyranny.  

Would I simply set up an LLC to own the building and then rent to the business?

But that is the very reason that I try to, best I can, keep a detached demeanor with them because I never want a tenant to think that our primary relationship is anything more than landlord-tenant (or lessor-lessee, from the other thread, or my favorite "God of Thunder, Overseer-serf" ;)  ) in case it goes somewhere that requires unpleasantness.

The “cost basis” is a little complicated, but essentially you’ll owe taxes on....1) the depreciation recapture and cap gain you deferred on the sold property, plus2) depreciation recapture and cap on the replacement property you are now selling.Remember, a 1031 simply Defers reporting of the gain.

Two identical properties next door to each other may rent for different prices simply because one is managed or promoted better. 

@Jerry Puckett I think (that can be dangerous) that the OP is buying this wholesale, not wholesaling the deal.If this is something you want to manage on your home then I would simply play it by ear. 

They do not know who is right/wrong and they will simply tell you to work through the courts.Remember notice is simply that, notice. 

I'll check it out".I see a lot of investors seriously doing things wrong just because of a simple erroneous definition of a lead.Here is my definition of a lead.A lead is not someone that wants to sell their house.A lead is not someone that needs to sell their house.A lead is not someone that desperately begs you to please please please buy their house otherwise they are screwed.None of that.A lead simply is anyone willing to sell their house below market value regardless the reason.So every time you do marketing from a purchased list... wrong.

@Kaylan Haight closing costs are simply fees and expenses that the buyer usually pays when he/she purchases a home.

Absent any additional activity I would not offer above asking and simply submit what you feel is a good fair offer and wait on a counter or acceptance.