Alternatively the other side of the city (Pikesville, Towson outskirts) still decent rentals but they are farther from employment centers.

As an alternative, would a cash-out refinance, a home equity loan, or a HELOC make sense for you?

There are alternatives rather than become a squatter and not pay and screw the landlords who work hard for their money / keep.

Alternatively, house hacking a small multifamily could cover living expenses while building equity.

Establish an emergency fund and target stable long-term rentals or short-term rentals in markets you understand.House hacking or private lending can offer alternative entry points depending on your risk tolerance and hands-on involvement.

Finally, I might be novice to alternative investments but to your point, I believe Norada just ran into an economics wall and lost its ability to meet obligations.

I would not invest in real estate with a retirement account.Its too much of a headache and likely not that much better as an investment alternative within a retirement account1) Real Estate provides tax benefits for individuals who own them.

Buck up, find alternatives, research before you leap, be smart. 

. ;-)  While I wait for delayed communication from them, I am looking for alternate management in the Canton area. 

Alternative options include offering a significant down payment, a lease-option agreement, a joint venture, or a deferred closing to align with John's timeline.