His wife and child may be moving as well in a few months. 

They sold a property as part of a 1031X and are acquiring a Triple NNN occupied industrial property. 

There are a lot of real estate meetups/groups that you can find happening in NYC and surrounding areas with a quick google search - I actually host a small one every month as well you're welcome to attend to network with folks. 

If egress is already available, great, but often times this means digging an egress "well", structurally reinforcing the foundation where the larger window will be going, etc.  

Well the fact that this loan could not sell on the market for $37,000 has me believing that this property is not worth near $85k and not even at the $40k the seller is asking.

Well Said Shawn! 

I was curious about this area as well.

You won't need to take long to refinance as well.

I have 19 long term rentals and do some wholesaling/flips as well.

showing how others have overcome basically every conceivable obstacle, just need to find the ones that work well for your specific situation.From the description you gave it sounds like a great place with some good family history, so it would be a bummer to have to sell.