Were we have used TIC's and it was a very common enterprise on the West coast until the states started throwing in Securities issues. 

If this was private enterprise, Obama and half of Congress would be behind bars.

Roosevelt worked with Republican Senator George Norris to create the largest government-owned industrial enterprise in American history

However, it is really interesting to get so many very interesting and well informed thoughts and opinions from so many very enterprising and astute folks. 

In one breath the OP is saying he is trying to make some type of enterprise out of this.  

We are not doing anything as I tend to fund more of start up type enterprises than mature companies like them.  

Well over a year later and tens of thousands in attorney's fees, we came to an agreement (outside of court) to sell the home site for a reduced price and so we closed.Several months again, while I was in the rehab process, the attorney for the owners of the "ranch site" contacted me and asked if i was interested in the parcels. i said yes and after some serious negotiations, we came to terms and i closed on the "ranch site" Barnard Enterprises now owns the entire parcel and I have successfully put the property back together as it was originally.

Fast forward July, 2014 and this some enterprising investor has scooped up that fixer upper.

There are also commercial enterprises that will sell you a list: http://njlispendens.com/.When you get (or compile) your list, it helps to have realistic expectations - you aren't the first person to think of this and you'll be the hundredth person to contact most of these distressed homeowners, of which there are fewer and fewer these days...and even less of them with equity.

Also, had no idea you were enterprising all while in college too selling.