It's very possible that they determined they did not have legal authority to excercise a contract due to a problem with their transfer from the foreclosure having to be corrected/re-done.I would try to sit tight and make sure the listing agent knows you still want the property.

C/D areas seem good for cash flow but in reality evictions, limits on housing authority vouchers, and a more unstable tenant pool means the returns are almost never as good as they look on paper, unless you're a very experienced investor working in your own market (saving money on management fees).

Here's general info on the options-https://www.biggerpockets.com/renewsblog/2012/12/2...If you go the DIY route, there's that long-distance investing eBook that just came out on here recently (I forget the author...David someone?)

My tenants are not allowed to alter anything without my written authorization.  

Here, after meter installation,or one meter swapped out for another,  the utility does an inspection.The problem in NYC is there are too many illegal conversions, and the authorities, utilities, don't want to make it too easy for you. 

The author for LLCs mentioned that if you are the sole owner of the LLC it is possible to get personal financing rates but have the entity own the loan.

Redemption rights vary by state so you can check with local regulations, agents, authorities, attorneys etc.

However the taxing authority may notice the change and re-assess the property causing your property taxes to go up.

The board of county commissioners shall have the authority to cancel any contract if the purchaser fails to comply with any of the terms of the contract and the county shall retain all payments made on the contract.

From what I experienced, when a property is sold, you're due gains tax to the federal and state authorities, either short term or long term if you're the owner.