@Patricia McleanIf she's got 12 months back payments she may be in foreclosure queThere's a rule about back payments: get  the deed, be the owner and then do something with itNever ever ever ever get involved with a lease option with repairs,  it never works out with you as the buyerLet me know about the current value the way it is in this condition, meaning what are the comps if you sold itIf there are any repairs whatsoever get a general contractor through and find out how much it isGet a statement from the bank as far as what is it going to take to make up all the back payments and penalties probably in excess of $10000What is the equity position between the loan payoff amount and making up the back payments and the fair market value?

It "must be nice" to be at the results stage, stories like Andrew's are the ones that make you keep digging, instead of giving up when all you get is "no" at every turn!  

The building would stop throwing off cash, and I'd have a big pile of cash, but no longer the excess monthly income I think needed to help qualify for a new loan.3) Do I sell and try to 1031, but it would have to be a big building ($4mil +) now with double the property taxes, a new loan, and I'm not sure I can find something that size?

I am in the beginning stages of developing a wholesaling empire.

My core team/partners are widely skilled in both trades and real estate, but the project will be complex and involve a number of / teams of contractors, several phases/stages, and ideally and more complicated, periods of occupancy and development in parallel.

But there may be opportunity that the interest affords in excess of the interest paid, so its impossible to answer this with 100% certainty.

Even consider staging it.  

I've heard nothing but great things about BiggerPockets, currently I'm at the beginning stages of my learning and would love any advice or pointers on how to get started.  

I am in the initial stages of deciding whether I want to get into rehabbing houses.

@Ryan Bergeron - would flooding of the street and causing excessive standing water/puddles classify as causing damage to the property?