@Kirk Garner here's our standard copy & paste food for thought:).Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

Buy a commercial mixed-use property downtown on Main Street with room to put my business on one side.

Look for a new attorney desperate for business.

I have already contacted two other contractors for quotes in order to obtain three total quotes.I understand that some investors like to also make use of lower-cost options, such as neighborhood kids, but as I am running a business, I would like to maintain a process that is repeatable and predictable and that may also adapt to long-term needs, such as landscaping and weed maintenance.

You can use whatever business address you want. 

Once I’m in a financial position to purchase a new primary residence, I would then use owner-occupant financing to purchase this second property, move into it and rent out the first condo at market price.

In 45 years in the real estate investment business, I NEVER saw anyone long term successful in the business who wasn’t PASSIONATE about real estate.  

But once its sold, its certainly not making you any more money.You'll get a more favorable rate by doing a reduced leverage refinance, but almost every lender will put some kind of a prepayment penalty on there (usually ranging 3-5 years), so you won't be able to really "pull" from the equity consistently without incurring some financial implications, so it really does depend on what you are looking to do next.

i've started to think of my rental income as one component of my financial portfolio. 

They are in the energy business and want to purchase the home because it is near their children and grandchildren.