The work on the house that was under construction was stalled.

If they do, you may have a chance under the scenario you're proposing - if they share your concern for it's condition (although that seems unlikely since they've been living with it the way it is for some time, it seems).If you own it, it's pretty lowbrow to expect a neighbor to invest in your property. 

Many “wholesalers” get all excited when getting a property under contract only to discover that a thorough inspection by a knowledgable professional results in repair costs 2 - 3 times higher than they calculated. 

Quote from @Kris Kempe: Hey BP fam, Have a single family home I got under contract and planned on wholesaling.

Note both of these options require paying the tenant to vacate for a no-fault eviction (terrible name as if lease is up it is not an eviction).Note terminating a lease agreement for the purpose of rehabbing the unit is under attack in some places in the county. 

A chunk of my assets is under Merrill Lynch management.

There's also on posted on the Events Forum under Space City REI - I'll try to tag you! 

You only need 1 preapproval, then can shop lenders when you go under contract.2a) Yes, just make sure your agent is licensed in all the jurisdictions.

I have had sellers I got a property under contract for to buy cash and in less than a week they were trying to get out of contract.

Assuming you are both working and the rentals are long-term, rental losses up to $25,000 can offset W-2 income if your MAGI is under $150,000, with excess losses carried forward.This post does not create a CPA-Client relationship.