I had no prior experience in commercial real estate at all. 

In light of that did the developers wind up getting a pretty decent deal out of this after they took a big risk on a property with crazy restrictive zoning and no clear path forward prior to purchase?

I bought my home in 1993, and some years back the prior owner neighbor advised the border fence is a few inches onto her property.

The first thing prior to this would be to verify this is a good tenant, check the lease, and confirm with the owner with a payment ledger that they have been paying on time since they have been there. 

I would be surprised if there weren't notices given to both the defaulting End Buyer (You're in default, you must close by X date or we're forfeiting your deposit) as well as the escrow agent (Buyer defaulted, see contract Earnest Money paragraph regarding release) prior to that actually occurring.

@Venice Victory not sure if you picked up prior comments about ordinary tax rates.

However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.

With 179 you are going to be limited based on your percentage of business use with the vehicle (so still need to track mileage), and if you go under 50% business use you can end up with a recapture of your prior 179 deduction - income with no related cash flow is always a bit uncomfortable!

However, our seller wanted to actually identify the property prior to closing - they had extension rights in their contract. 

I called the guest prior to check-in and asked how he wanted to pay for the deposit and we did it via paypal.