Hey @Orion Walker great thread you have going here and excellent exercise if nothing else.

Let's say the T/B exercises the option to purchase after 12 months, can I pocket that $3K in the beginning of the lease agreement and then the remaining $97K is financed?

For now, this is an exercise for me to learn how to evaluate these larger properties and learning the more in depth steps.Here's the pro forma: (BP won't allow any HTML Tables so this is ugly, first # is soft, second is monthly rents, and third # is the rent/sqftAutomobile Repair9400 -- 3000 -- 0.32Church14300-- 2000 -- 0.14Jerky25600 --- 3500 -- 0.14Restaurant3127 -- 1750 -- 0.56Listed as Rented buy Google says is Vacant2400 --- 0 -- 0Rock Climbing Venue2000 -- 1200 -- 0.6Smog Shop2600 -- 1500 -- 0.58Gym7000 -- 1300 -- 0.19Vacant11000 -- 0Totals:77427142500.21Calculations:Listed Price$1,710,000.00Listed NOI$171,000.00Listed Cap Rate10.00%DP 30.00% = $513,000.00Financed$1,197,000.00Debt Service @5.5%$95,760.00 (15yr Amortized 30)Cash Flow$75,240.00COC14.67%Debt Service @3.5%$83,790.00 (15yr Amortized 30)Cash Flow$87,210.00COC17.00%A couple things to note:1 - There's a wide swath of Tenant Classes 2 - I am aware of the environmental concerns of the Smog & Automobile businesses. they are on the back side of the property away from the retail in a separate set of steel warehouse buildings.Tagging @J Martin -because he wanted to stay in the loop on this.

I've been doing the hardcore physical labor for about 20 years now, and honestly, I don't think my back will give me many more. 

I would also physically supply all materials at least until you gain more trust in them.Some are willing to work for a daily rate under 200-300 and are very skilled but I would be there to make sure they work a full day.

Thank you in advance guysAbsolutely, there is something to be said about having a physical business card.

Other physical limitations of housing (i.e. capacity of the septic, sewer, or other building systems) 5.

by and large if a parcel of land in any major metro city was on MLS  and did not sell then it was overpriced probably by a lot... or has some other hair on it.IN markets were new construction is viable and hot land deals sell in a matter of hours or days at the most to builders looking for lots.my take on Texas as whole ( not Austin though) is there is so much land that builders and developers have a lot of options and unless you have some sort of infill in a super hot spot  your dealing with a parcels with limited value or desirability or physical constraints for environmental or regulatory impediments.   

Also all of my tenant issues are focused in a single physical location. 

Many times the person leasing do not exercise their option and end up leaving.