How Should I Execute this Off-Market 4-Plex?

[Brett McManus]

Hi BP, 

I've had an off-market lead roll in on a 4-plex with an interesting situation. It is currently on a single lot shared with a commercial building (separate structure) that the owner purchased a few years back. He wanted the commercial space and had to take the residential unit with it however, after a couple of years no longer wants to retain the 4 plex. At a high-level this would be a text book BRRRR. Clear as day ARV, lots of cosmetic value add potential, and mismanaged with rents way under market value. The hiccup is it sounds like the village could put up a stink about splitting the lot and overall could be a fairly long process.

Question to the group - Has anyone ever performed some sort of seller finance situation subject to the lot being split? Or do I simply need to sit tight and potentially pass should the village delay or deny the lot split? Would love to be able to bring this seller a potential solution rather than waiting for them to get to it while they can or worse, have another investor swoop in. 

Thanks!