He sold it on a Wrap.There is no solution to this scenario.

I don't see a good solution to prevent a further crashing for condos.  

I’ve heard from many (non-experts) that I’d need to stay for at least 5-7 years to avoid taking a significant financial hit, but that feels like a waking nightmare given how much this issue affects me.Financially, renting it out isn’t an easy solution either.

Your goal is to plant the idea in their mind and create a situation where selling to you feels like the easiest and most logical solution for them.If you haven’t already, the first step is to get pre-approved for a mortgage so you know what you could afford if you were to purchase the property conventionally.

If we can't find a solution, I think she will be OK with me adding her property under my own account, and then me paying her out monthly.

I think I have a solution in mind but since this would be my first deal I may be missing something important.

It's a bit outdated, I think there are better solutions today.

There are hundreds of hard money lenders out there, ultimately I'd work with someone who has time to focus on ensuring you get a tailored mortgage instead of a cookie cutter solution.

The easiest solution is typically keeping water away from the wall. 

I'm looking for win-win solutions that will preserve my capital and get them the money they want.