And if there are low hanging items in any rooms they may need to be addressed.

With Cummins engine & the Military base nearby.

Of course, I have to ignore item #4 - there will be major outlays immediately, but I can finance that with a construction loan then refi for the long term.

I looked into those and most of the deals were Homepath Construction financing and on those I think they required you to use 3rd party contractors to fix the items on the repair list.

Again, a commercial lease allows the tenant to capitalize and expense repairs, a residential lease does not and is only a matter for the owner, an owner can't depreciate items as required if paid and made by a tenant.

If you have the ability to purchase and funds to get started they might spend time educating you as it leads to a business and a relationship going forward.If you have no money then really what you have is time to try and shadow and investor and do gopher type task items to learn from the ground up.

Any such assignment will release original Tenant/Buyer from all liability and substitute assignee in his/her place.12)MAINTENANCE AND REPAIRS:The Tenant/Buyer accepts the property "as is" on the date of execution of this Lease/Option except for items listed in paragraph (14).

@Jerry Gao not a great looking property from my numbers.I made some items up, but this place looks like a fairly low ROI.

And thats what some plumbers want.But the fact that you know what items to look for is going to give you a huge advantage.As far as creative financing, I'd be more than willing to answer any specific questions you might have.

Note you could get squeezed with this if the current tenant abandons the items and you have no one paying rent but are obliged to provide credit to new tenants.