How did you derive the $66K valuation-- is that a BPO as-is value or a ARV? 

The answer was that they derived all their income from real estate.

The relationship between changes in employment and changes in real estate prices becomes more obvious when we look at percent change in employment, and the rate of change (second derivative, but don't get bogged down in the terminology..)This is interesting because:1) The relationship appears meaningful2) You can see a deceleration in employment gains (lower growth rate) while real estate prices are still increasing (at a decreasing rate).

Personally, citing numbers to a buyer, your current economics is not the issue.You site the Purchase Price, assume an LTV and calc the loan payment for say 20yr, 4.125%.Calc the existing GSI, expenses (with new taxes, insurance) but sans the principle and interese, and derive the NOINow you've got the data for cash/cash and cap rate.These numbers should entice the buyer to be interested BECAUSE there's a cash flow and/or cap rate.

As to option pricing, the value of any option is a derivative of the value of the asset over the term of the option.

However, it does have some elements of Real estate investment trust (REIT) with dividend yields, combined with a truly a unique strategy deriving from my many years of investment experience in star ups in the Silicon Valley and construction experience, including rehabs and new construction.

Understand there are different flavors of appreciation, some short term, some long term, some speculative, others derived.

It was interesting in that I had subdivided the property and had multiple sales recently derived from the same tract. 

As for the court stopping the sale, they have no right, or the derive, to cancel the sale because someone has "agreed to pay the hoa at some proposed short sale closing".  

The sites using the 506(b) exemption and the Lamp NAL or some derivative are probably going to be forced into the stricter regimes as time wears on.