I'm sure you will gain some interest from potential investors then maybe they can supply you with the down payments and you can pay them back over time and you could buy more per year.From what I know, business is a slow game and from what I hear, successful Real Estate Investing can be boring.

With a loan I took against my retirement savings, I have the cash for 25% down and then some, but I'm hoping I'll have some financing options based on the work that needs to go into the place.

This works well until there is a leak at the property and then I have a huge water bill.

Right now you can take your 500k in equity and purchase multiple properties that will cash flow better then what you could make. 

-If so, then you need to get the financials on that business (Annual Revenues, Expenses, Profit for last 2+ years) to add everything into your return calculations above.

Derek,Just pay a realtor to run the comps for you and build a relationship with the realtor and show the realtor you will use the them to close the deals and then the realtor will know you are for real and then the realtor will be happy to run comps for free.Joe Gore

You should NOT do the conversion and then make the call to rezone, find out before hand what’s allowed and what’s not.

If they can't or won't meet that test (for any alleged reason), then no point in doing business. 

These go into your Property's basis and then is depreciated over time.

Here's some food for thought:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.