Ask the seller of the lot to deed it to you, get soft construction loan, build your house, sell the house and pay off the lot, give lot seller a hybrid bonus for his cooperation. 

I have BIG plans for using: pure, cooperative and sandwich lease options, as well as subject to and owner financing acquisition, etc. strategies soon!

I'm probably yelling at the cows after they've stampeded out of the gate, however, in future, I think the better way to bulletproof my interest as a buyer/vendee/ optionee is to record a performance trust deed (or appropriate security instrument) that would serve to both interfere with the seller's ability to obtain insurable title in order to further encumber of transfer the interest that I sought to acquire or sell it yet again, with my cooperation Also, if the seller defaulted on any existing mortgage loan or property taxes, for that matter, I, as bene if the PTD could foreclose or apply for any surplus overbid, if applicable.

Obviously the 1902 building was not built as a condo.To throw another wrench into the discussion there is another form of ownership called a co-operative or co-op which is used in NYC and FL, where you are buying stock in the company that owns the entire building in proportion to the square footage your unit is in ratio to the total building square footage. 

Its less expensive than doing all 4. there might be volume discount for 4 units. ask them.Treatment requires big cooperation of tenant.

@Kevin Moen it is Dave Cooper at Paper City Savings in Wisconsin Rapids, WI. 

The buyer does not really have to do anything in particular, other than cooperate.

The trickiest part is the seller agent not cooperating most of the time.

Nicholas Cooper

Has the government been successful in getting the cooperation of Airbnb and other platforms?