Do they have the necessary resources to stay on top of all the tax issues such as 1031 exchanges, 754 Step-Ups, etc.Feel free to send me a private message if you have any questions here.A couple articles you can read that will be helpful:https://www.biggerpockets.com/forums/51/topics/1206189-cost-...https://www.biggerpockets.com/forums/51/topics/1204912-how-t...

Second position lienholder have done some shady stuff in order to delay a loss, including filing suit against all parties or trying to obtain a temporary restraining order.

The thinking on this is that although the buyer utilizes what appears to be a purchase contract, it is actually being used as a purchase OPTION, and as such an option contract which clarifies that the purchaser is actually obtaining an option to buy should be used.   

Does anyone have experience obtaining a variance for this type of usage?  

If you obtain letters of interest, you can exercise your option.

IE if you are wanting to wholesale which I don;t reco today, its too hard, you want a list of high equity owners BUT BUT the value is in figuring out a source of stress, a reason why the owner is on the virge of wanting to sell. 

I know that one of the first tasks is to obtain a licensing for rentals in the city.

@Alina T.

If you are in UNY, you can see if you can get a commercial loan through M & T Bank. 

Assuming the numbers are right and worth the investment my questions are: as a foreigner, am I able to obtain title to both land and the property that I build?