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I have not researched it fully but every time I hear someone describing it the strategy just does not appear to be sound advice. 

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I have asked for an extension but do not know how likely this isI talked to a few private money sources but I don't think that will be the best option because I want to refinance out conventionally and unless you are doing a rehab loan it appears there would be prepayment penalties associated with this. 

If there is that much cap compression perhaps it is not the time to develop a product that appears to have already reach market saturation

I've never dealt with that before but after researching it appears there may be some asbestos and possible anthrax in the plaster?

If it appears that a company or agent spends a large portion of their time on general sales, you need to ask how much time and money they invest in their property management business.

It appears the building is currently vacant, For all properties, particularly commercial, you'll have to check with the municipality if their are any violations and current zoning.

I have an agent that I have been working with for a long time and am happy with but it is difficult for me to get out to Indy to view properties that I am interested in, particularly since all of properties that are priced right appear to get snapped up within a few days. 

Almost every management company has additional fees on top of that which could include late rent fees, listing fees, early termination fees, maintenance coordination fees, court appearance fees, etc.