Depending on how you currently manage and if you are growing the business you need to determine if getting a software system is right.

That cap rate depends on a few variables: where is the local market, what is the Class & condition of the facility, exact location within that market, & so forth.

The seller knows I'm not looking to pay retail, but more like $150k to $170k on the property depending on how much work is needed.

Now that you have achieved the goal of paying down debt you can leverage your good credit to obtain either personal lines of credit or if you have equity in your personal home you may leverage that as down payment money on a acquisition loan or use that to purchase low costing investment property, depending on what market(s) you are looking to invest in.I've personally was in your same position and used personal loans to outright buy investment properties in various markets and I wish I would have known about lines of credit prior to getting involved with loans.

Depends on how many investors you have and what type of entity you want to create. 

@Phil Wrigley : Sarasota can work as a VRBO style investment, but it will depend on where you purchase.

(haven't yet)Pets and smoking are your personal preference, and depend on your location and target market.

Depending on the bank, set up fees can be minimal.

Depending on where out of state the property is, distance has some effect on how well a property can be managed. 

@James O Nix  Keep in mind depending on the state, the actual judgment is still enforceable even if it's not on your credit.