It's called Adverse Possession and it's law in all 50 states and public policy favors its use, when appropriate.One must occupy a property on an actual, adverse and hostile manner (in reference to the owner of record) exclusively and pay the property taxes for a period of time that varies between 2 and 30 years, depending on the state, as well as meet other statutory requirements.

If you are risk adverse real estate, (especially out of state) is not for you.

Unfortunately when you owe 50% or more of your credit limit your credit score will temporarily go down so this would adversely affect getting the best mortgage rate. 

You asked the question what would "we" do, this has no insight into your risk adversity or growth needs.What I would do is invest another 100K in a new 50unit apartment we are building Q3 and bump another investor and make more for me!!!

Our wonderful agent determined the seller was emotionally adverse to removing tennants prior to closing, so we leveraged that knowledge!

If you're not as debt adverse as I am go for it!

If you are risk adverse real estate, (especially out of state) is not for you.

The items I have had pulled for in the limited number if projects I’ve done thus far were mainly hvac related, and those weren’t really adversely affected time-wise.

You will face lots of adversity.

Take the property by Adverse Possession.