Hey Laura,So I can't help with the true GAP funding, but I might have some ideas on how I could help utilizing the seller financing and transitioning it to something long term. 

The second challenge would be finding land in a decent enough area where building a rental makes sense.

You can't see the property before if it's a true foreclosure so you are bidding blind.3.

State Farm recently announced they would cancel 70,000 policies because of these challenges. 

However, this has to be the primary residence of everyone on title in order to qualify and even if that were all true, we're still only up to $1M that way.I agree with the other commenters, the parents should continue to own it and live in it as their primary, leave it to the daughter when they pass, and she inherits it at the stepped up cost basis. 

Challenges?

If this is true, the good news is that the property is worth more than the loan balance. 

Neither that course, nor City Park are really all that great, using that space for a true park is, in my view, a great move for the city. 

Just be prepared for a learning curve and stay adaptable to new challenges.

Huntsville is a challenging market given the price points but I've had clients find good success in the suburbs.