Check with your building regs department and see if it is available to build on, some or most or all of it could be limited as green space, water retention, flood plain or other issues as it is built up all around the subject property.If it is available, you said it could be obtained cheaply, how would you know that....is it listed?

I have checked with the S8 department to verify market rents.

My last job was working for the OU Athletic Department.

We do a BBQ and get the fire department to ride up in the fire truck for the kids.

Mary,call the police and the city building department and you will know I guess.If I ignore your red flags, this deal looks okay.

It's a called a "waiver of deficiency" letter and do not close without it.Do not believe anything the bank says unless it is in writing.You also have to know which department you are talking to.You can get conflicting information depending on if you are talking to customer service,collections,loss mitigation,the short sale department,bankruptcy department,and the foreclosure department.In big banks these are all separate but in some local to regional banks one person might be handling multiple departments.They will all look at it differently with various goals in mind for the the loan file.

The homeowners should all band together and try to meet with the developers of the casino and the local building department to try to mitigate as much as they can.

Its my understanding that this might be OK, if permission was requested from the proper agency (the department of labor, IIRC.)

Check with your building department for specifics in your area.

Are you [i]legally required by the Department of Real estate to disclose your relationship with the all parties of the transaction.