You would have ongoing filing requirements with the State and would need to keep business records and documentation. 

Also, from a public records search, I can see that the bank has filed a law suit against the owners for nonpayment of their debt.My questions are:What is the best way to approach this deal?

If the lease deal is a really good one (lease payments are a lot less than the current bill) then you might at least take a look at it, but be aware that most leases include a "fixture filing"/lien which could cause a hiccup when you go to sell or even refinance the property.

Town will not allow a buyer to file such paperwork. 

@Anthony Wick - Ah, the voice of reason, good for you Anthony! 

This is in regards to Federal filing, but I'm in Iowa.Are there any tax professionals that can confirm or deny that's the case with the new tax laws? 

., where it was previously headquartered.High-pressure sales tactics were used to secure money for what were promised to be “low risk” and “conservative” investments, but in reality the funds were funneled to real estate owned by Shapiro, according to the U.S. attorney’s office.Woodbridge eventually became financially insolvent, the scheme began to unravel, and Shapiro in 2017 considering filing for bankruptcy, prosecutors said.Still, he, Roseman and Acevedo continued to sell the fraudulent investments without telling investors Woodbridge was on the verge of collapse, according to the indictment.

@Mike RobertsFantastic tone of voice.

I filed articles of incorporation and just hold/sell property using my entity.

On line 15 of the worksheet for Schedule D the taxpayer enters $38,600 if single or married filing separately or larger amounts if married or head of household.