When free isn't cheap enough

[Michael Lemieux]

I recently started a direct mail campaign and I am starting to get some response. In one of the calls that I received the other day, the seller informed me that the property, a 2/2 condo, was in a country club, and that he would give it away for the equity membership of 40k. Even at that price it seems too expensive as there are several others for sale there for virtually nothing. 

Any thoughts on making something out of this? Seems a shame to turn down a "free" property. What will happen to this property if no one buys it?