It also depends on how much work you plan to do yourself but your comment on wanting it to be passive leads me to conclude you plan to hire the work out. 

I hate to say it, but "it depends", Im not sure where you should invest your money.For anyone getting into real estate in any capacity, you should follow these steps though.Step one. 

Each electrical panel has the capacity to add an electric dryer.

I hope you are able to make it work out.

Most often loans can be as low at 3.5% down if you are  owner occupied, but again as long as your numbers work out with that sort of down payment and maybe even refinancing once you are renovated and rented out (multi family wise) then you could potentially convert it into a conventional loan.

On the other hand it could work out fine.

More capacity to fund than you have capacity to do deals which should mean more time doing deals and less time finding fundingI guess this sounds like a commercial for Hard Money Lending which isn't my point.

A lot of malls and lifestyle centers are located in suburban areas where many residents are resistant to multifamily development for a variety of factors (concerns that oversupply of housing will lower prices, school crowding, fire/police/sanitation capacity).  

I like a good spread sheet tracker.Or QBO but once you get into software I recommend utilizing a bookkeeper in some capacity because QB assumes you know accounting, and will let you do things very wrong.

New construction vant work out well if you hold long term if you are paying retail to build it.