The pref layer is a third party institutional player.  

A long ways from bankrupt. 

Seems like an uphill battle and as Jay pointed out it would be a long, expensive process that tends to favor the seller (judges don't take forcing people to sell their property lightly).

We see it all the time with the conversations on what cars/vehicles folks drive :) here in BP there is a badge of honor to drive a 20 year old 250k mile car/truck :) Myself I saw my dad do some of this although he never got to the utra wealthy stage by a long shot but made good money in RE however it was not until he bought old style timeshare in Maui that he would finally take a vacation..

That someone will write a long answer that will tell you how to do it? 

Quote from @Reed Rickenbach: John - as long as you are still following strict screening criteria I agree for single family.

Nothing wrong with that as long as you understand and are ok with it.

I have a mix of long term rentals and STRs and rent some of my STSs mid term in the off season so I am happy to share my thoughts and experiences with each strategy in this area.  

Hey @Joel Oh, so let's clarify the NYC rules around STRs.STRs are legal in NYC as long as these directions are followed."

You have the means to purchase and intend to offer owner financing (you) to the buyers of your lots.That sounds pretty straight forward as long as you are able to carry the loans and deal with any defaults.I don't have a background in raw land deals, so that's all I got.Thanks for the feedback and I will keep these things in mind as I move forward.