Maybe you take a haircut. 

Don't sell it distressed because you'll take a bigger haircut.

They initiated their own haircut so the banks would foreclose, sell them and the hoa’s got new paying owners.

All true, except all kind of A+ class property owners is now facing CRE property foreclosure.From Blackstone , Donald Trump property , FRB, to big names in REIT space, they are all experiencing haircuts, especially in the office space. 

Then their profit.. so for a Turn key company to buy it back you would take probably a 25 to 35% hair cut on what you paid for it minimum.Buy and hold turnkey mid west deep south rust belt is a very long term play.. and most will tell you 10 is the minimum you need to get going.

That's the downside to college rentals, when they are looking it's great, when they are not, it's dead.Lastly, seller without numbers = they will be taking a larger haircut.

I'm not a sue happy guy, I've had to go down road, but I'd be looking into it, or at the least any cost/losses caused by this comes directly out of his portion which would likely mean he gets nothing from the sale, and the rest of you take less of a haircut.

The seller needs to come to terms that it isn't worth what he wants, he has to take a haircut to sell it.  

Shave and a haircut, get out.   

I have no idea what X is.My only real question I have on this property is this: if/when the lease expires, what is the probability that I either A) couldn't sell the prop(even at a haircut), or B) couldn't re-lease within 12-24 months.