Easy Street is a good option BUT you need CASH in liquid checking/savings for down payment of 20% and BIG chunk 2-3 times loan amount to buy out of a prepayment penalty.

if the note is currently in default and we can buy at at least a small discount, we may be able to restructure the note with no monthly payments - we would get paid all interest at closing when the property sells.  

Here's a https://www.irs.gov/businesses/cost-segregation-audit-technique-guide-chapter-4-principal-elements-of-a-quality-cost-segregation-study-and-report to the IRS website noting specific items that are included in the cost segregation study report.

I am a Brightside user and we really like it.

Hey Lima, great to meet you!

In the end we had to pay to turn the space back in to a white box/shell and closed with basically zero physical assets.

It's a great strategy if you aren't paying a premium for being adjacent to a college campus over other similar areas.

Investment Info:Other buy & hold investment in Chilmark.

.: I'm very new to this and would love to get your thoughts on this and are there any downsides to the process?

Yes, @Blake McWilliams is right, you can assume a loan with the 'Assumptions Dept'...but be prepared for a long wait.