Aspiring Artist Studio building owner

Hello,
I have just joined and it it very intriguing to read the discussions here. I am looking around at property available here in the Baltimore area. I found an old boarding house with numerous room for a very reasonable price that has been on the market for a year and a half now. I have the idea to buy it and rent the rooms out as Artist Studios for very low prices. I am still brainstorming, and I have a lot of planning and researching to do. I am surveying Artists in the area to see if they are interested in renting in that area of the city.

I also realize that in the beginning this may not turn a profit but simply take a while to develop depending on the conditions and repairs that are needed on the property. I am interested in potentially going the community center route and having Open Artist's Space with any number of educational activities. What I am concerned about it that it is in a residential zone from what I can tell, and at what point would renting rooms for daytime studio use become an issue for a residence. I have thought about parking, and this place has minimal cal d'sac style parking space. On the other hand there is public transportation and bus access. As a working artist myself I have looked through Artist Grants and I'm considering the possibility that it could be something supported by grants or public funding. The discussion on not-for-profit vs. business is on my mind as well as at what point does the activity require commercial zoning.

I know there are Artists that need space and I am also studying Adult Education. This vision has been evolving, but it seemed like a ten yr. away dream. Now there is a house available with enough rooms to be a studio building in my approved price range. At what point do I take the dive in this economy?

Thank you,
Robyn