They're unusual, but such lenders are out there.If you're looking for the name of a lender you'll need to post in the Marketplace. 

You see the stepped up basis applied all the time to properties in certain situations so it is not that unusual I just want to investigate a possibility here. 

Usually when I see a nice house with unusually low rent (which is common around Atlanta) that tells me the surrounding areas may not be the best.  

I still think of it as the "old people, fuddy duddy" apartment complex...right down to the independently owned beauty parlor and café on the first floor (very unusual for my area).The building itself even looks a bit "grandma"...elegant and in great condition, but a bit dated and old fashioned, with heavy Italianate type of architectural features.  

Only other investors would be interested and I doubt it is eligible for conventional financing because I suspect it is too unusual for a formal appraisal. 

I would almost always ask to speak to a business lender since they typically seem to have the most experience with "unusual" requests and if they can't help you they usually know who can. 

I did see a recent post saying they had found a portfolio lender who would do a 30 year fixed, but that's unusual.  

I know it's unusual in this day, but there are still people who believe that's the proper way to do things.

It would have to be an unusual situation, in my opinion, to do a big rehab with no previous experience. 

This is however, pretty unusual but possible.