Without divulging my entire financial picture, our networth is roughly divided equal between equity in our buildings and retirement accounts.

You will usually spend more than building the property new from scratch.Having said that, let me suggest you look into a couple possibilities.1) Historic tax credits - you can often make a project that makes no sense financially work by applying for tax credits so you should look into that.2) Why do the windows need replaced and can you do it over time?

Very good with investment properties.No financial affiliation at all

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What I like about commercial real estate is that it appears to be more of an overall learning experience rather than mostly financial as with CRE financing. 

Assuming you/your property financials qualify.....you’ll need 25-30% equity at that point to avoid coming up with additional cash.

My question is ,should I evict this tenant knowing I will be take a huge financial hit , and if not does anyone have any tips on how to make tenants pay on time.

This first one provides a learning springboard, usually not a financial one.   

You are under time constraints to do a 1031, and it can lead to you doing  bad deals.

And what was your approach financially in your first property?