What type of commercial property really dictates the answer to this question, email me or post clarification and I will try to provide a narrowed answer.

However, a lot of communities are starting to allow signs on private property (with owner's permission of course) and they're not dictating content.  

If you're living in a rural area, making just above the (big city-dictated) minimum wage, you might actually fit the profile for who USDA wants to make homeowners out of.Is it safe to assume that your "couple dollars above minimum wage" that would be hard to live off of in SF or LA, is actually quite a comfortable income where you're living now and where you'd want to purchase? 

Long term, I'm thinking a mix of rehabs and spec builds, but am open to a few rentals, depending on what the market dictates at the time. 

Sites like rent-o-meter base price on the past, when what is current is what will dictate your rent price.

First you need to decide if renting or selling because that dictates your rehab.

Your risk tolerance, and desire to deal with problem tenants will dictate whether you want to invest there.

I ended up countering by giving a financing ceiling for the total $$ I could spend rather then dictating the terms I wanted.

I would be wary of using a management company that has their own construction team or handyman as they dictate the prices.  

Your contract terms still dictate when you would forfeit this, and your inability to obtain the financing in time would likely mean you get it back.