House priced right to flip. But Long term tenant. What are options?

[Yosef Fares]

There is a property on the MLS listed well below market value and comps are priced right for a good flip. The listing agent says in his remarks "Investors Only. Long term lease in effect until 3/2018. Owner has installed new roof and new AC in 2005. Also updated insulation in attic and walls in 2005" The rent is $700 and is related to the owner of the property. Are their any strategies to use here? I'm open to any suggestion