I would cut my losses and move on , can’t make money if your stuck, as far as dealing with county and waiting for permits ect the time is always more then anticipated  I could keep going on why I would cut my losses.

Of course, I didn't go with any of these GCs but I also have the benefit of waiting and not being on anyone's timeline or deadline.

If yes, then I would look into it further and lay down the law if I decided to take the risk.

Can't wait to see you grow.

in my area probably bring enough to cover my holding costs while we wait for this tax treatment.

You will be replacing more than the roof if you wait . 

Let's say you serve the Notice October 18, because it's the middle of a calendar month, the required lease payment period would be November, so you would have to wait until December 1st to start a court case for noncompliance. 

Thoughts on (1) biting the bullet and starting the foreclosure process versus (2) waiting it out and trying to sell the property (at a loss)?

I am waiting for the next meetup.

You would have to wait until it goes to tax sale and bid on it at tax sale.