Math works out to 21% Cash-on-cash return (see work below).It's in 32209, so it looks like it has a high crime rate, and there's bars on the windows in the pictures.

The other day i stopped and looked thru the windows and saw garbage & debris everywhere. 

If its a small 500sqft storefront-type space, usually a sign in the window along with advertising on craigslist and neighborhood facebook groups does the trick.

I can file for possession now, but how long of a window do I have to file if I want to wait?

I'm cancelling that part of the contract and will just put in window units instead (common in my city). 

At least some of them probably still run (or the seller was smart enough to take the window A/C units out of the windows for the pictures), but you might end up buying some A/C units soon.

This home brings lots of character and tons of upgrades including: New HVAC, roof, energy efficient windows, flooring, bathrooms (with tasteful vanities and Italian plank tile), upgraded plumbing & electrical...etc.

Roof and windows are only two yers old.

The reasons to sell would be at least: financial need, beter opportunity, end of depreciation window.  

The space is a fully enclosed and insulated garage now, so we would be building out the interior, and adding windows and doors and new stucco to the exterior.