@Jason DiClementeSeems like there are pros and cons but here's the math.. 

You'll just have to do the math and see if it pencils out.

Back of the napkin math shows that 1.6mm purchase price is roughly a 6.5 CAP for C+ apartments, I would say its definitely something worth considering.

I'm not a Lawyer, and this is not to be interpreted as legal advice, however, here is what I see has happened:1 - Faulty Option contract made worse by Owner's actions:  Somehow, even after the contract to buy has come and GONE (my math says 2007 + 5 years doesn't include year 2018), the tenant buyer has been allowed to continue to make (and have accepted...BIG problem) payments on the Buy Contract. 

Let the math decide, not your emotion.

I am interested in wholesaling vacant land, however I struggle w/ the math portion as far as understanding how to determine your offering price...I'm sure its similar to regular wholesaling property, but how much difference in price would it be, what is the best math formula to use?

I've done the math to figure out how I was to reach my goals without leverage...

>I'm not sure why your using an out of date source (Forbe's 2016)I used the 2016 source because Forbes that year released an article where they did the math indicating what percent of the billionaires had significant RE holdings. 

Once you find a PM you like (and go ahead and ask to see the contract you'd be signing before you pull the trigger) you can just do the math of their fees vs how often you'd pay them and tack that onto their annual fee to get a realistic idea of that expense.

From there do the math and see what works out.