The JOBS act allowed people to advertise (it was a federal crime before).  

I used to work on the naval base right out of college for Navy Federal.

For your primary residence, lenders have to abide by federally required ability to repay (ATR) rules.

Not sure if this is depending on each lender since it is related to Federal.

In this case you just have to deal with added hassle of long wait times for inspections, crazy accounting, government employee turnover, etc.    

Let's say your seller bought the condo for $75,000 back in 1993, and today it's worth $300,000 - completely fictitious numbers - but go with it...Where I live (in Florida) there is a cap on how much the government can raise your property taxes a year... it's like 3.5% a year of the assessed value.  

I assume this is a bank owned (REO) or government owned (e.g.

You need to contact the governing body that has jurisdiction over the zoning laws for either the incorporated or unincorporated of the county or city for the plot you are interested in building on.  

they send out governance votes on certain things like sell the property or take a loan against it.

That is illegal and may actually be criminal under state and federal law.