Newsflash: How should I approach this deal?

Ok, I am sitting on some cash from a recent deal that I did, and I am thinking about purchasing a 5800 sq ft residential/commercial studio space on the first floor of a building downtown. To my knowledge, part of the building is small studio condos, part office, part retail/store front. I would basically be purchasing the 1st floor. My thoughts are that I could live in the studio area (in the state that it is in) and then either rent the retail/office space out OR have renovations done and turn the entire floor into apartments/condos. If I was to turn it into apartments/condos. I would try to rent the condo that is already on the floor and live in the 2nd one (if their is a 2nd one) and then turn the rest of the building into condos as I go.. basically start work on one, finish it.. rent it out and then start work on another one until the floor is completely residential.I have not seen the property as of yet, but I will be seeing it within the next few days. The property is on the market for 300K (at 5800 sq ft) and it is located in the heart of downtown. I am not sure how the areas(studio/retail/office) areas are allocated as far as the floor plan goes.Ok, I have 86K in cash, 45K in a 401K and access to some expensive peer to peer loans(up to around 25-30K with high interest rates). My question is, being that I have only dealt with residential property and I haven’t dealt in commerical/residential in a downtown area and I’m dealing with such a small amount of capital are there any costs that I should think about that I wouldn’t have seen with a residential property? Also, how do I get a bank to fund the rest (of the 300K) if my work income is under 100K a year. I am very creative with making my finances work, but I would like you guys’ thoughts on this being that many of you are seasoned veterans. Also, I have purchased properties in the past that needed work and made a profit. I am fairly new to this, but I have not lost money yet and I am willing to take a certain level of calculated risk if it makes sense. I know that this may not be a good idea, but that’s why I am here, to get your input. Also, I am willing to get my hands dirty literally and figuratively. I am a fairly handy guy myself, but I know that I will possibly need a contractor to do much of this level of renovation.Thanks for your time and expertise.



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