Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Would you be willing to share how this approach has worked for you?

Personally, I do not like any strategy or approach that aims to benefit from the misfortune of others.

We approached them a year into a five year owner financing and asked them if they were considering cashing us out as well.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Going DIY and self-managing this type of asset from another state may not be an easy task for such a building and neighborhood, it needs more attention (and probably capital).Try an unconventional approach.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Is it best to approach an architect or a land developer for what I am proposing?

I would suggest approaching the borrower on an accelerated pay out with an incentive.

@Elvon Bowman Thinking big is important, but it's also helpful to take a practical approach.