Quote from @Collin Hays: Quote from @Rick Albert: Depending on what's allowed, the event/wedding space seems to make the most sense.

It depends on the amount of money that the tenant buyer wants to put towards the option as to which type of lease option I do.

Depending on how risk adverse you are, going out of state can make sense, but I always recommend investing in your backyard (or at least being driving distance). 

Learnt lesson not to fully depend on property manager and should have made decision faster by reducing rent .

I think this depends on your risk tolerance and your interest rate.  

The right market for you depends on whether you prioritize cash flow (Augusta, Columbia) or long-term appreciation (Greenville, Huntsville).

Depends on their health and any desire they may have to simplify.

For a smaller piece like that, not sure how creative you can get, but it all depends on what it's zoning is, access, proximity to other things, etc.  

As for your ques if to wait, well, it depends on the market, in some parts of the country prices are still going up, slower, but still going up, other parts the prices are coming down, you know that area, what is happening there? 

Suggesting to them buying their house for a wholesale range offer or lower dependent on the extent of the rehab, then having a contract in place that gives them a percentage of the profit to help get them back on their feet, paying off debts etc.