This is done in the Operating Agreement, usually via an Amendment to the OA Exhibit concerning current Members. 

Not in China, Australia, Canada, California, New York, etc.What does that tell us?

How are you meant to buy property when in my country Australia the normal price for a house is 7-8 hundred thousand.

However we live all the way down in Melbourne, Australia. 

@Greg Kristy Auction isn't the norm in North America...if we were in Australia, that would be a different story.

I'll be able to rent this for $3000 a month or make a 40% return on a flip (without using leverage,) You just can't get deals like that in more efficient markets like US, Australia and Canada.  

I'm afraid that with a vacant school and the inevitable vandalism, the area will only get worse.My gut tells me to walk away and wait for the next deal, but I'm worried that I'm exhibiting the typical newbie analysis paralysis.

Everything in Australia.

Im currently on vacation in Perth, Australia and would love to meet up with any fellow BP members!

This 'debate' reminds me of a discussion we had with a neighbor in Australia, (many years ago).