I’d recommend consulting with a lawyer who specializes in contract law to understand your options and how to protect yourself moving forward.

How about a lease w/option to purchase structure or a straight owner financed sell to you?  

In Cumberland county NC, the Sheriff office is an option and certified mail.

@Mary LopezYou could use a DSCR commercial lender which will allow you to close in an LLC with 30yr fixed options and better rates than normal local commercial lenders.

There are many options available, and the numbers pan out much better. 

Better than each of those options is to be realistic, what most of us aim to do, but easier said than done. 

While it's not as passive as working with companies like I mentioned earlier it's still a great option.

@Alan Asriants Since you already received your decision,  I assume you selected the non oral hearing option?

This is the best option if you have a lot of money but limited time.

I am not familiar with Horn Lake and the economic conditions you mentioned as a CON, but if you already have those concerns, on top of a large rehab, which typically don't shrink as you get started, and being OOS and needing a PM team, you may want to consider other options as you get started.