@Veronica Taylor, @Alex Furini summed it up, however I'd say your best efforts before purchase is to see if it is legal to convert it, to what degree (how much square footage is available) and what Building Code/Egress issues you will face.

If anyone wants to combine efforts and make deals together, send me a message!

If anyone wants to combine efforts and make deals together, send me a message!

I see it can be done with the right effort and team. 

Lots of high dollar rehab projects that aren’t particularly hard to do as long as your willing to put in the effort and learn the right way.

@Diane Menke, you're absolutely right about that oh-so-common mindset of valuing time over effort/completion.

Accredited investors have access to much higher quality passive investing opportunities (syndication/crowdfunding deals) then non-accredited investors (much more experienced sponsors, much more skin in the game, lower fees, etc.).The advantage of these types of deals over direct investing, is that they require no effort on the part of the investor.

If he doesn't need you, then your efforts are better spent elsewhere.Listen to the Wholesaling Inc podcasts. 

The city matters much less than the building, your effort and the team you put into place. 

This is the fundamental problem I have with Wall Street who takes too much fees off the hard-working efforts of the middle class.