Has anyone been in a similar position, or has had success offering this type of agreement to a previous owner of a property who has not yet voluntarily vacated?

General Contractor - Look for someone experienced in renovating older structures common in Baltimore.

But it doesn't seem to be riskier and more doomed to fail than BRRRR and other types of long term holding/land lording.  

Duplexes are very common here and are much easier to find than a Quad as well.

Now consider this: all the groups people are spending fortunes to target—foreclosures, absentee owners, probate leads, tax liens—what do they have in common?

I can go way deeper into finding good MTR markets, pursing tenants other than travel nurses, property types, scaling operations through systems (my specialty), renovations, etc but it's much harder to do in a thread.

Would love to hear any experiences with this type of strategy

What made you interested in investing in this type of deal?

Rising land prices are not that common either, and limited to select areas.  

I’d love to hear more about what you’re targeting in terms of property type and location.