Under any scenario, any state, someone who sits on their rights and lets someone get into the weeds to the benefit of the person who sat on their rights, will NOT have those "rights" enforced by the courts.  

Imagine making millions of dollars over the course of your career and then having to pay 30-50% every year to uncle sam instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they just buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of best ways to end up with a much larger net worth at the end of your career.

This means, on average, that this person is facing foreclosure or bankruptcy, and has no other reasonable options.

None of this has anything to do with your personal tax return.

I personally think it really depends on how much value will it add to the property and if the town will allow it. 

The person I would seek advice from is a CPA about this. 

My goal is to wholesale some properties single and multifamily to build some capital while fixing my personal credit and building my business credit.

In my opinion, an in person meetup > an online connection.You may want to consider making a connection here and meeting up for coffee or attending a real estate networking event.Best of luck!

The person leaving the trailer there is just to store it there.

It’s off of a very busy road with lots of frontage and its own personal billboard on top of the building.I’m having a hard time figuring out what to do with the property, whereas it is more on the outskirts of town.