Much more strict than DSCR as DSCR uses the real rents and some no haircut some only 10% discount.Buyer qualifies with their income plus 75% of the other rents.

Appraiser can do a 1007 rental appraisal survey which is always going to be lower than your lease, then 25% haircut minus PITI+HOA. 

Never ask a barber if you need a haircut, Jeff.

This way takes care of the underlying first concerns, you shouldn't have to take a major haircut with the partial and you won't have to wait for years to collect your payments on your tail/profit portion.Jeff V 

They're more rule-heavy than we all might prefer, but at least you're not taking a ~35% haircut on your money.

So, I wonder what options might exist for the County to take a "haircut" on their taxes owed. 

I'd love to write a long response as this is a topic of interest to me, but I'm short on time right now so I'll keep my thoughts brief.In general, the commercial sector is wrestling with the mess it's in due to property depreciation that has affected many states, declining business revenues, and borrowers who are often in a weakened financial state.To add to the problem, you have lenders who are dealing with fixing their balance sheets, trying to get rid of toxic assets, and in some cases, being watched/managed by the FDIC.When you factor in the billions of commercial paper that is coming due just this year alone, you have a real mess.However, banks seem to be more willing than before to take a haircut on a loan if they really want it off their books.

How would you look in an orange jump suit and a really short haircut?

If you Properly structured the seller carried mortgage with current guidelines, you could then sell the note on the market, but I'd expect a 10-20% haircut. 

The idea that you should run off and take a haircut by selling your note right now is not prudent, you will simply lose money.