We could meet at Incendiary since its outside and has beer and/or food within easy reach. 

Lastly, any other advice or food for thought since this is my first time going through this process?

I realize how exciting it is to be on the brink of your first investment, but there are plenty of other fish in the sea here and like @Patti Robertson said if you have 200k to spend there are lots of other deals that meet and exceed minimum investing standards within that dollar range.A few foods for thought:If your friend is will to sell it to you for 200k, and it's value after he finishes fixing it up is 245k, then why not sell it to an owner/occupant outright, gather your profit (potentially 25k-ish) and find another lease option deal that the numbers work better on? 

. - 1,800 employeesFayetteville State University - 1,600 employeesFayetteville VA Medical Center - 1,397 employeesHarnett Health System - 1,135 employeesSmithfield Foods - 1,100 employeesCumberland County - 1,065 employeesFort Bragg is the largest employer in the Fayetteville metropolitan area, with a workforce of over 55,000 people.

And even the my Irish grandmother's voice in my head was saying the same thing.But in the two hours that the plumber was fixing the pipes, I followed up on and closed a deal that will make around $15K at signing and another $300 per month for 10 years.Hmmm...If I had listened to my father or my Irish grandmother whispering in my head, I'd have saved $600 but I'd have back pain for days and I might have missed out on a deal that will be worth around $50K total.I think I made the right call and it sounds like you'll do the same and let the experts take care of it.Finally, it took me a while to give in but I applied this to other parts of life as well.I hired a cleaning lady / cook / dynamo that comes to my house 2-3 times per week to clean my house and drop off healthy, pre-made tasty meals for $600 per week (plus the cost of food which is actually less than what I was paying before; honest to God, she's a miracle that I can't believe somebody let go.)Hey... there's that $600 again!

How's all that food prep from the end of everything in '09' treating ya?

I could not pay for your materials and struggled to put food on my table.

Just a little food for thought for you to mull over.

You bought an office on a corner lot on a very busy Main Street for $360,000.If it were mine, If zoning allows restaurants, I'd be thinking about Chipotle, Starbucks, 24 hour Taco Cabana.If not food service zoned, I'd be thinking about a Pet Vet, hair salon with an experienced operator opening a 2nd location, a dentist, a 24 hour Auto Zone.

Our nephew has a 640 acre ranch and they use their drones to monitor the cattle, food and water supply.