I am currently pondering between three options.1.

Local banks can have some wonderful lending options because they want to grow the area. 

You could also buy the property and give them the option to buy it back, that way you have ownership(control). 

There's lots of information on there buying property as a foreigner through a trust, but I also have an option to buy directly as a citizen.

The land is on a 20-year lease.Being in WA state, options are limited in my area and homes prices are somewhat out of reach. 

You only options are going to be DSCR or a true commercial loan.Both of those are going to require 25% down for a "First time" buyer with (zero) landlord experience.

Many people think that they can or should be able to cut out a realtor or broker based on their opinion of the level of effort they've made OR the fact that they went around their backs and tried to negotiate directly. 

It would seem that you have the option, but not the duty, to terminate the lease due to the bankruptcy, but I'm not sure why you would want to remove a paying tenant.

Here’s the plan I’ve come up with, and I’d love to hear your thoughts on its feasibility, potential risks, and any improvements you might suggest.The Plan1.Pay Off Mortgage: I currently have $170K left on my mortgage, and my goal is to aggressively pay it off in the next 1.5 years.2.Establish Emergency Fund: Before making any big moves, I’ll set aside 6-12 months’ worth of expenses as an emergency fund.3.Extract Equity: Once the mortgage is paid off, I’ll pull out the equity from the property.4.First Flip: Using the extracted equity, I’ll purchase another house, fix it up, and sell it for a profit.5.Reinvest Flip Profits: Instead of buying another property immediately, I’ll use the profits from the flip to renovate the original property, aiming to increase its rental income and appraisal value.6.Reappraise and Extract Equity Again: After renovating, I’ll get the original property reappraised and extract additional equity based on its increased value.7.Purchase Rental Properties: With the additional equity, I’ll start purchasing rental properties that offer positive cash flow and have growth potential.8.Leverage Equity Strategically: I’ll use equity from the original property and any new properties while maintaining a healthy loan-to-value ratio (LTV), ideally around 70-75%.9.Build Rental Portfolio: I’ll focus on acquiring a mix of property types (e.g., single-family homes, multi-family units) to diversify my investments.10.Focus on Cash Flow: I’ll prioritize properties that generate consistent positive cash flow, ensuring that rental income covers all expenses, including mortgage payments, maintenance, and management fees.11.Long-Term Hold: I’ll hold properties long-term to benefit from appreciation and tax advantages.

Utilize options to tie up a vacant property while you attempt to increase its value by obtaining a tenant.