It’s likely the GC will subcontract the concrete work to a specialist while they focus on managing the permitting process and ensuring everything is done to code—especially if there are ADA requirements involved for the ramp.Let me know if you need help navigating the process or any tips for working with contractors.

@Dan Brewer as I'm sure you're well aware, people aren't in this because they don't understand it.

What made you interested in investing in this type of deal?

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

What am I missing here as I think through this?

Does anyone have a recommended property management company with which they have had good experiences in this area?

Any tips or advice before I dive into this process?

Even desperate though, this owner would literally walk away empty handed - no cash and no property.

This is big!

When I see good deals I tend to jump in vs. waiting for this option but I still think this is the best option if you can afford to wait.2) Take out a loan from my 401K.