How would you buy this? Best creative purchase scenario wins!!

[David Dey]

@Terry Free has a post in another forum category that someone should come up with a real estate investing video game.  While I am no computer programmer, (I'm the guy who calls support and they ask if it's plugged in... And it isn't) I think a game that could get your creative juices flowing would be amazing.  Sooo...

Here's the game:  I'm going to give you a real life scenario from one of my deals and see how you would purchase it.  Best scenario as determined by votes wins the coveted Super-Duper Supreme Real Investor Grand Poobah award!! (I don't think BP has one of those yet but I think @Joshua Dorkin could get right on that!!  If you want I'll tell you at the end how I did buy it.  Very likely your scenario will be better, But just like the lottery the only chance at winning happens if you play.

Here we go:

Elderly lady has a 10 unit apt building listed in Central Florida for 350k in 04.  She and her Husband had owned it for years before he passed away and the property fell into disrepair.  There is a code enforcement fine on the property at $200 per day, currently at just over 300k.  The city wants to foreclose on their code lien and demolish the building in order to make a parking lot for their puclic gymnasium next door.  The only thing that is stopping them at the moment is that there is a small first mtg with Bank of America for 18k... Which just started a foreclosure process as it is about a year behind in payments.  

So what would you do?

P.S.  Because I want your best scenarios and as true to life as possible, if you have any questions before presenting your scenario, please feel free to ask.  I probably know the answer and if not, I will make it up.

... And GO!!!