As far as buying it with my siblings, one has 1 year left in law school and the other is about to begin her first year at dental school in the fall.

1) I have a friend that has a house and land that her and all of her sisters-in-laws and brothers-in-laws have been trying to sale for years.

I wish I could use the Wagner Law Firm for everyone of my closings,  I'm doing three this week with them and they are going as smoothly as possible. 

Some investors have had luck attaching tax return refunds etc. and I would imagine what you can do varies by debt laws in that state and then the federal collection laws.Bottom line for me as a landlord as I am not in the debt collecting business.

My mother in law is a Delray resident in fact.

Also check with your state laws concerning private lending, the SAFE Act may apply and check on any usury law issues.

Be aware there are federal laws concerning approaching people in foreclosure, so don't go at it as if you are going to stop or solve the matter for them, just keep it as a sale inquiry. :)

We do not want to make this a primary but we are willing to move there to ensure we are able to acquire it, then we plan to sell it as soon as the law allows us.

Not only check what the lease states, check the state law.State and Federal laws supersede anything contained in a written agreement.

While I can not specifically speak to Tennessee law, I cannot imagine that wholesaling done correctly is illegal.