I need some advice on this very unusual situation that I have never encountered. 

Which I think is unusual nationally.  

How is this for unusual though...

I understand it might be unusual, but the numbers might work.Is it possible to have the person I'm leasing the property to take all the responsibilities of a landlord?

Yes, a Phase I is quite unusual for a house lot, but this seems more like a comemrcial site.

Its not unusual for a developer to change their plans as a project is in progress.

Disclosures were never a problem, but if you are going to do odd strategy stuff, unusual investor stuff instead of straing sales or rentals you might consider dropping it, really depends on what you want to do.

He's the first to admit that he would be a target more than anything with any unusual amount of cash.Jason Kosowan, I like the annuity idea and I'll check into that as well.

Bad areas and busy streets are not a big deal because they become affordable.If the market is soft then don't touch an "unusual property".People are suggesting using appraisors.

Michael Lerch, it's really not unusual for anyone in Michigan who purchased or re-fi'ed in the mid-2000's to owe significantly more than they paid.Case-Shiller has a home price index that sets home prices in the year 2000 to a baseline of 100.