Have you considered a "part-time" business? Maybe do Friday - Sunday, and cater along with it? Some big-time BBQ joints operate this way. And $500 is dirt cheap rent, especially considering all the equipment comes with it! Do you have to sign a lease? If not, you could give it a shot and see how it goes. If it were me, I would be all over it!
The Cosmic Pig BBQ
Smokey Joe Silver