I am not an advisor, but I would definitely consider your options here... 

Hi Sharad, I would speak with the lender directly to see what your options may be. 

At this time, that would not be the best option for me.

I left numerous contact me letters to speak to the owner to discuss options and potentially cash for keys.

Sounds like you have some great options and a jumpstart, congrats!

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

Back when I first had the idea of real estate investing, creative financing was my only option, seeing as I had little capital on hand and even less of a chance that any lender would talk to me. 

We put a journalist on a particular story, and no source is willing to discuss the situation publicly. 

I am looking at first and last to move in and when the renter sells their current house, they want to put money down towards an option to buy.

Have a clear concise vision of what you plan to do (rehab, renting, etc) repayment, (personal/business) sources of income, etc.