I will definitely look into the options you mentioned, especially the details about the first lien cash out, and the bank you mentioned.

Two additional credits worth spotlighting are the Historic Rehabilitation Tax Credit (HRTC) and the Energy-Efficient Commercial Buildings Tax Deduction.The Historic Rehabilitation Tax Credit stands out as a key tool for preserving our architectural heritage while providing financial incentives.

A retail center can have 100 things go wrong with it that affect cash flow versus single tenant you know because the lease says the investment grade credit tenant takes care of everything per the lease and can model out predictable returns over time and if you have additional upside that is icing on the cake but not a requirement of the investment to be considered successful.Most of my LP investors make medium 6 to 7 figures a year with job or business and have lots of cash and net worth.

Especially if you're coming from out of town and don't know the street to street details VERY well.If your budget is $550k, I'd rather see you get creative on a SFH house hack in a better area.

I'm in multiple states and each state has different requirements so you'll want to get one drafted for your specific state and include any additional requirements you want to add such as a utility cap. 

Thanks Eric for connecting, appreciate the detailed insight.

Thanks for explaining in detail Dave.As I re-read your pdf and that excerpt from it, I can see it’s not something I want to venture into and the reason I asked for explanation. 

I have a couple of places where the tenants can't get the water in their name (rules from the water company), so I get the bill every 3 months, let them know how much it is, and they add it to the next rent.

That includes sponsor co-investment (and details), leverage (and details), fees and splits, etc.

The ones that I've seen are in plan only, so I don't know if they go into detail on the vertical separation part . . . its possible that its in the wording and not a diagram like the condo plan part.