The basement also appears to have some structural issues.

Might help to give BP more background on why you want to do a lease option and why you want to stay for 2 years.You can structure things any way that's legal and mutually agreeable.  

@Bill Gulley   would appreciate your input here and your help on the project.AS this is going to be a private citizen not a Habitat type org.How would you structure this to make sure that the person doing this is successful.I want to make sure the job gets done.. your detailed thoughts on structure would be a good learning experience for others.

It needed some work (some structural) and it was not in the same shape as what you are looking at.I am telling you this because I want to make it clear I am hardly an expert in East Boston.

If you want to bring on equity partners, structure it as such and lose the interest. 

The debt can also be serviced by the plan where the BK plan structures dealing with the past due amounts and the borrower would have to service the debt moving forward in time.  

Sarah, how do you structure those pre forclosure?

It takes KNOWLEDGE, money, marketing, negotiating, and system structure.  

Find a deal ***there are many things in-between like ensuring you structure deals properly with investors, do proper disclosure, due diligence, underwrite deals, etc. but this gives you a good idea of your overall approach***Here are a couple ways to build your network since you said that hasn't been your focus: - volunteer for a non-profit you genuinely believe in.

You see it a lot in old buildings that are remodeled due to the difficulty in adding chases and the desire to leave the structure exposed for aesthetics.