I inheirited ownership shares in an S-Corp that owns a small retail strip site (~14K SF). 

When things require a massive amount of research, planning, calling etc will they cut corners?

If you use the click-together vinyl, they're a little fussy if the floor height changes too much - though I will say that we have one unit with a massive clawfoot tub right on top of the click-vinyl, and it has never come apart. 

This isn't an area that would rent well to a retail tenant.

YOu could have massive hail damage and have to pay your deductible on your insurance for new roof etc.you could have the tenants from Hell that trash your unit causing major turn over costs..

My suggestion is it is best to start developing relationships with the lending officers at smaller banks now so when you really do need them you are ready to rock and roll.Take massive action and I'll see you at the top!

Interesting things on our wish list include:Project outside the City of SD (neighboring city SD County)Large apartment complex project (6+ units)Small retail commercial (strip mall type property)Industrial commercial (warehouse type)HOA creationNon-urban development

I am amazed that so many beginners gravitate toward flipping, This is some of the most involved enterprise in all of RE.1.Understand your marketplace correctly, which leads to2.Estimate retail price correctly3.Price the repairs correctly, which leads to4.Make the right offer5.Have GOOD contractors, which is hard for a newbie without a track record, which leads to6.Remodel correctly – know what to do and what not to do7.Structure financing correctly8.Structure the selling process correctly9.Buy, so that you have 3 exit strategiesAnd then there is more…You mess up anything on this list, and you will pay with blood, sweat, tears, money, and debt.

In general, there is NO opportunity to wholesale from the MLS.Get out there and beat the bushes to find MOTIVATED SELLERS that have not listed their houses.In this business, we're looking for DISTRESSED PROPERTIES that in many cases can't be sold on the retail market because the houses won't pass inspection required for buyer financing.  

While I am willing to pay a small premium for the potential and location of this property, they are asking full retail value for what it could be when turned around.