Let me give some more info re situation.

Anyone been in a similar situation?

This is rarely done as in most situations lenders will not consent, and at a minimum want the buyer to qualify AND personally guarantee.  

Here in Chicago, you should expect a range from $200-$275/SF, depending on the location, experience, labor, and material finish level.Are you in a position where you already own some land, or what is your current situation?

Hey BP family, 
I'm currently trying to help out a family in need from having to foreclose on there property by taking over subject to, 
it has a high interest rate although the entry is around 20k I want to wholesa...

Your situation is so difficult, and the best plan is to get financing before we need it. 

We worked this out with our CPA and this was his recommendation so i recommend starting with 1 account and as you grow and scale talk to your CPA and banker to see what they are seeing other investors do and what they recommend for your situation

To ease the situation, consider offering a buyout agreement where they pay a lump sum to end the lease early.

Would love to hear what has worked for others in similar situations!

We would of course not presume to judge who is right or who is wrong in such a situation, but might follow the lawsuit, discuss facts as they unfolded, and of course share the verdict.