Or see if there are ways you can improve expenses since Cashflow can be improved by lowering costs or increasing revenue.Personally, I dont have enough experience to guess. 

You will need to make sure weekly, monthly, quarterly and annuals goals are met, vacancy is kept to a minimum by either increasing your renewal rate or always marketing, keeping a tight watch on all R&M/capex as well as managing your cash position. 

Neither of us are handy so while fix and flip seems attractive to get a jump on our REI career, I'm not sure it's the best plan for us with no handiness and no current contractor contacts.

But my question is, how to decide how to renovate the building to attract certain businesses for leasing option.

I just renewed my first lease and gave the tenant the option to renew with a a one-year lease /2% rent increase or two-year lease with no rent increase. 

I like how his analysis of demographic trends point to sustained/increased demand for multi-family and rental properties in the future. 

Unlikely you'll be able to increase the price and get the seller to commit to paying them. 

If you do buy the worst property in the best neighborhood, you don't want it to remain the worst property in the neighborhood - there's a point at which you want to do a better job of attracting customers than your competitors, and that's going to be difficult to do if your place is a dump relative to the rest of the neighborhood. 

@Ron Willbanks I've seen people do it for state of mind and also to partner with others so that they can each invest half of the minimum in double the number of deals (to increase diversification) but, as others have said, it's not necessary if the Sponsor structures efficiently.Unless you have a special circumstance, it's kind of a waste of money.

I rolled some debt into the deal to make it more attractive to the bank.. more profitable for them.