I have 2 houses with electric baseboard heat ,  I get no calls about the furnace not working ,  the odds of 8 units breaking at once are slim , tenants are on budget billing from the utility company so their bills are the same each month .  

If it's a small local lender they may allow you to catch up payments, a large one that will be more corporate, probably won't, either may consider a short sale, but it's getting late.You don't want to do anything to encumber this property at this point, like a construction contract for repairs, too late so don't go there.Work on getting a loan, hard money or what ever to pay it off, that's your best chance.However, doesn't sound like a deal unless your rehab can force appreciation, they'd get nothing, 15K is slim buying, fixing, holding and selling again, you'd really need to add value for more. :)

The pickens are slim.

Since it is cold and winter is approaching, the tenant pool is really slim.

I mean one of the tenants at 7k sqft is the police department. 4 - The broker stated at the listed price of 2.5MM that no local lender would touch this property.  5 - I know is was a flight of fantasy but he confirmed also that the likely-hood of NNN is pretty slim and that the amount suggest as NOI is closer to a GSI.6 - But that at a purchase price of 1.2MM it might be worth trying to stabilize and make a value add play.

@Mirko LopezThe chances you will be able to buy just one REO is very slim unless you know someone at B of A, and you are saying you will pay the opening bid price with no continence and no weasel clauses and a fast closed.Joe Gore

That can be as slim or as wide as you see fit based on your ability to negotiate the deal and your own moral compass (this has and is always debated to death here on BP about what "is" and "is not" a "fair" wholesale fee).  

Your margin is a bit slim.

Slim and none with just a lease.

There is also a slim possibility that you could get someone who will want to stay long term, but doubtful.