Depending on how bad the conditions are, accrued pref may never be paid out and original contribution may not be returned in full.If pref equity's original capital contribution is not returned in full, common equity is in even worse shape.

Sounds like an unreasonable seller and the most likely reason for them not wanting an offer with a financing contingency is the property is in too rough shape to get financing on it (structural damage, fire damage, etc.) or won’t appraise anywhere near asking price.   

How much land is needed?

Quote from @Don Konipol: We have a saying in Texas that seems to apply to the subject of this thread“Big hat, No cattle”..Classic response @Don Konipol What a great missed opportunity to promote his project, but sadly unrealized.And for those of you out there in T.V. land, there are many ways to verify Everything in the good ole' U.S.A.

I'm still working with architect and seller on land subdivision.

Quote from @Joshua Land: Look to learn, and hopefully implement converting my duplex into an assisted living center.

Andre, Land Title, Stewart Title or Superior Title would be able to help you with that. 

Casper’s land market can be a bit like tracking a rare species in the wild.. you’ve got to know where to look, who to trust, and how to time your move.

If your land can sustain a data center (power requirements are huge) then the land would sell for a pretty penny.

I’ve tried to do a retreat of A-frames in the mountains but ran into land/engineering issues, multiple times.