Now, who has a bet going, fess up, we know betting is illegal but circumstances dictate custom, any weird bets going on? 

What's the bet that there is at least one similar property nearby that recently sold for ~$15k (be it foreclosure, distressed sale or a total rehab job)?  

Then, when you go to sell your wife's old primary and use the exclusion again (more than once in two years), the IRS algorithms will pick it up and you can almost bet you'll be getting correspondence/potential audit from the IRS.

Seems like the best bet would be to wholesale the property if there is enough meat left on the bones.

There was a really informative podcast with a guy from Rochester, NY that I am pretty sure runs a PM company and I would bet is an expert in that market. 

@Mark Grigsby  yes this is what you sold.. good luck.. what happens when they have a miraculous recovery and live another 20 years your dollars are tied up.its betting on death.. and some kind of cringe on that..

Discuss those with your lender and I bet once the numbers are run you will see your options in a much clearer light.Good Luck to you.

Your best bet is to drive around looking for buildings undergoing renovation, then go inside and meet the contractors. 

if this is owner OCC then most folks won't loan on it for any reason. .because of dodd frank HELOC is best bet or credit union.

You can bet that everyone on a jury won't be finance types, they may have business folks there but they will all be consumers as well.