This all comes from observations I have seen in my small city.  

Edited, while I was on my rant, Bryan made some great observations, I'd not say you can take on an investor so much as he pointed out, but not far from my opinion.

If you can take a property sub2 without persoanlly signing any promises to pay and the ONLY recourse is to take the property itself back, you are fine and in the clear as far as I can see (I am not an attorney and this is just by opinion adn observation, do not construe this with legal advice and consult with your attorney on it before moving forward) Age related restrictions?

If you're not familiar with the life cycle of a probate case it may be worthwhile to go to your local probate court anyway just to observe and look at a few case files.

Not sure what the condition is like these days, but that was my observation of a military town.

Did you ask for specifics on what the disqualifying observations were, so that you can take that into account for future offers?

Interesting observation..Eight of us were working on the intensive drive control commissioning of a large complex & the all knowing management decided to create an office for each engineer. 

@Andrew WorkmanFirst, understand that I'm not passing judgment...I'm simply stating my observations based only on your post.

There has to be a balance.The visual impact of that roof can be an issue, but that isn't something that pops up overnight, you can observe the condition over time and estimate replacement.  

I was floored at the time...I'm an east coaster, so basically observing HI, but was out there in July and was amazed at what prices were with so much undeveloped land.