Further, the pandemic accelerated the growth of ecommerce, necessitating industrial growth to deal with increased demand.

That FC is now off the table because the home owner entered into a modification plan. 

Hi @Greg Betza, I would re-affirm the house-hacking approach to you with one modification. 

I feel personally we will be seeing a lot of short sales and possibly foreclosures in the coming months due to loan forbearances and modifications due to Covid and those homeowners will likely be forced into the rental market.I live in Clermont and work in all of the areas you listed and more as a full time Realtor® and investor.

I have 21 years in DOD/USAF, 7 of which was doing Logistic, Test Management, and Program Management of Multi-Million dollar acquisition, product support, and integration/modifications of a vast range of different Programs for the USAF. 

Put together a detailed account of all the damages and cost of removing any modifications made to the property. 

Ask yourself, what's the lowest price this property with these projected modifications could sell for?

If he wants to JV then he can either sell part of his interest in the real estate  to you (which would then necessitate a 1031). 

Here's a protocol you can use or use as a template and make modifications. 

If it's a prop tax abatement (at state level) then you need to follow their rules.Your biggest issue (my bias since I hate historical prop from an operation standpoint) is following the rules, usually:1) Any exterior modification or repair usually needs the approval of some county or state person.