Does seem like a bunch of kids have taken the how to get rich with no experience doing Arbitrage class and the how to get rich with no money or experience wholesaling courses. 

I'd try a few things before giving up because it seems more like the landlord gave you a wrong address instead of it having no address. 

It seems that you plan to use it as an investment, so will you do a Short Term, Mid-Term or Long Term rental?  

It just seems very inflated but I’m impressed that you’re able to do that.

@Gavin Jex seems like they are trying to help you out, but exposing you to tax issues.As @Chris Seveney already pointed out, one of you will be taxed on the 0% interest loan as a "gift".The other issue is that you will get the property at $170k roughly, and then be exposed to capital gains of the difference between that amount and the market value.Highly recommend you speak with an Estate Planner for possible better options.

Although this post is 2 years old I think it may be helpful to point out that the thread seems to be discussing two different types of LOI (letter of Intent).

Seems simple enough 

The ZenBusiness Premium package and the local attorney are the two options I'm most strongly considering, given that they offer the most comprehensive services.On one hand, ZenBusiness seems like a streamlined, cost-effective way to get things rolling, especially with the added features of the Premium package.

It also seems to imply that certain rules like setback are waived if they were not in compliance prior to the flood.  

But here, people don't seem to be talking about the strategy too much!