Many sellers will not accept this since they are in second position, and it is very risky since if you default (higher probability for investors with no money and/or no skin in the game), they will most likely be wiped out during a foreclosure.

Quote from @Chris Seveney: @Francisco AvancenaThere are specific lenders who will do land dealsBut of course not as many as traditional real estate.The key will be skin in the game - typically for land because it is less liquid than a home the lender will want to have a lower ltv on the deal I fund land flippers currently in  CO FLA WA ID MT NV AZ OR TX SC GA VA  one thing about land though LTV is lower and RATES are NOT the same as typical HML rates are higher for raw land but its a specialty niche and a business that I grew up in..

its funny how this changes with time and the market on BP  if you asked this question 5 to 7 years ago you get drowned out with the cash flow is the ONLY thing and appreciation is for gamblers my self I have always been about making appreciation games in RE.. by either value add building a new product or buying foreclosure and flipping or lending money and getting instant 12% plus returns . 

That’s a game-changer when it comes to flipping profits.Your scenario reminds me of a client I worked with in San Diego who flipped a condo after living there for a couple of years.

I’ve seen situations like this before, and keeping control of the contracts has always been the better play.

(I have children that could no longer play in the backyard unless someone sat and watched them) i replaced the 15yr old garbage disposal out of my pocket so I wouldn't have to deal with the incompetent plummer again.

But if your a W 2 and real estate is how you are planning on retiring by investing that is a completely different lifestyle and motivation and game plan. 

For our next play we want to get into a single or multi-family, and preferably participate in what seems like a booming market in Florida. 

I would send a letter to all units of the building reminding them of the clause in the lease you cited and let it play out from there.

Hence you can see how interest rates play a large role in determining cap rates in a market in my opinion.