We may be working out an owner finance deal.The question is, what are some creative options that I should consider for the use of the building without having to spend too much money in renovations.For example, turning it into lofts can be very profitable but will cost way too much.Some ideas I can think of is crossfit space, maybe an event venue (weddings, etc), what else is hot in the market for warehouses????

If you are in a hot area full of twenty something professionals then maybe, but the people that rent 500 sq/ft one beds outside of expensive areas are not exactly ideal tenants. 

Hopefully, the roof is good, but might not be...Hot water heater will probably have to be upgraded.

The market is hot right now.  

Market is red hot right now ...

Do you like cold weather, hot weather or in between?  

I know loveland/foco real estate is pretty hot right now, so here's what I'd do if I were you:get a bike and stop wasting money on gas and a car if possible. loveland is pretty bikeable and it's summer.

in most markets the banks  will not let you get to far over your ski tips.my bank will only give me 12 specs at once... but if I have a bonafide presale those dont countmost smaller builders starting out would do well to get one loan at a time maybe two.hard to scale and to make any amount of money at that pace.and the market is very hot in my areas that I am building  Charleston and Portland.. but I am still cautious I like the market between now and 2018.. 

While the market is hot and vacancies rarely exceed a month, $50/month vs the loss of revenue is not large enough to cause a significant change in one year's numbers.

The market is very hot and there are several showings beginning next week.