The use type is certainly residential, but the common market perception is residential is primarily owner occupant product.  

I am a realtor based out of Cleveland, OH and I have a client who is looking to lease a commercial space for his business.

Documentation is Key Gather all the communication you've had with the contractor, records of payments, and any information about the work done.

Pick a market based on the demographics, for example, and then get comfortable with what things cost and what they rent for.

Ideally I’d love to find a lender who would lend based on ARV instead of LTC.

Most of these eliminate the absolute “newbie” who has been taught to run around making “offers” on FSBOs based on “guesstimates” of repairs and then try to “sell” the contract to a fix n flip buyer and if not successful utilize a “weasel” clause to disengage from the contract unscathed.  

When you go to pick a new restaurant, you have some idea of what to expect based on the $ - $$$$  used.

Otherwise, I would always suggest hiring an attorney to draft one up for you, or at the very least, find a template and have an attorney review it to be sure you've got your bases covered.Good luck! 

You'll have a "base rate", usually based on LTV and credit score on a grid, and then you'll have "loan level pricing adjustments" (LLPAs) that will adjust that.

Hi Dylan - I am also new to RE investing but have a lot of background in building a solid financial base.