Having a rental property is a major commitment and probably not worth the problems.

PM - if you have a company already committed at 8% year, I would be interested in who they are.But I see most close to 10% being the going rate. 

The roofer committed fraud and conversion - both are criminal offenses. 

My husband and I have been doing a bunch of research when it comes to rental property investing and decided it’s finally time to commit.

Not sure who to turn to or what to do since the owner will only commit on principle to give me 120 days due diligence and to secure financing.

Time to re-tenant for STNL depends on the area and box size and if you are going for a national, regional, or mom and pop tenant to back fill the space ( In a warm belt state could take 3 months to 1 year from time of marketing the space, LOI phase, lease forward commitment, tenant build out, and opening for occupancy)  .

Don't be too discouraged yet - sometimes it does take time to find the right tenant who will commit - especially in a small town.

Make sure that he is also committed to making you successful.

The origination fee is 3%, and of the 3%, 1% is due when commitment letter is issued.

I might suggest trying it for 3 months before you commit for the long haul, and always have an exit plan ready to deploy.