Additionally, a vacant property with no utility services, especially in winter months, can be a substantial increase in risk and the mortgagee both has the duty to protect the property and to notify the insurer of the changed conditions thereby increasing the risk of loss"

If your physical vacancy is 12.5%, your economic vacancy will be greater, perhaps even double depending on the tenant population, the neighbourhood and the rate of decline of the business.You need to understand the customer, and how the business arrived in its present state, before you can determine whether the pay-back on 50K of CapEx - not to mention the initial purchase - is sufficient.As others have posted here, it sounds like the Vendor has milked all of the equity out of the building - leaving the building with significant deferred maintenance; perhaps even obsolete.  

Getting cash flow is fun but always remember about protecting yourself from the legal stand point.

I just don't understand the premise of people thinking title companies, real estate agents, etc. have different ways of treating clients, customers, maybe you can explain what you mean? 

You will also want a policy that has business income protection, which means if the entire building were to burn down your loss of income would be replaced during the rebuilding and re-renting process.

I built custom homes when I was younger and I am a land surveyor by trade.

As for management software we use ResMan and we are extremely happy with their software and their customer service.

I am their customer service representative and respond to all rental inquiries, maintenance requests and complaints. 

The advantage there is that you don't have to fund the whole loan, so you can diversify your investment and protect yourself against a single loss.

As far as I can tell, they don't provide anything, other than the protection against your neighbor opening an auto mechanic shop in his garage.