It's a large 2 story in a multi-family zoning district so we plan to place 2, or maybe 3 units here but the house needs a lot of work - issues that may not allow us to finance conventionally - 100 year old slate roof that is leaking (bank won't finance with deficiency like this unless it is fixed - something I do not want the seller to do), knob and tube electrical wiring (many insurance companies won't write a policy which all conventional mortgage holders require). 

My real estate agent says that this isn't enough, that it must be on a bank letterhead and that the offer has to be in the name of the account holder.

Under Wisconsin’s adverse possession doctrine, there are three scenarios in which a person or entity may take title to the real property owned by another person or entity: (1) by continuously occupying the property for 20 years and claiming the property as his or her own property despite having no instrument actually conveying the property to the adverse possessor;³ (2) by continuously occupying the property for 10 years under “color of title” (usually occurring when a written instrument or court judgment mistakenly conveys property to the adverse possessor);⁴ or (3) by continuously occupying the property for 7 years under color of title and payment all taxes and assessments associated with real property being paid by the adverse possessor during the 7 year period.⁵ Under any of the three methods of adversely possessing a record title holder’s property, the adverse possessor’s occupation of the property must be hostile, open and notorious, exclusive and continuous for the statutory period.⁶ Hostility does not have to mean deliberate or with unfriendly animus on the part of the adverse possessor, but simply means that due to the adverse possessor’s claims and use of the disputed property, the true owner is unable to assume possession of the property (i.e., that the adverse possessor is claiming title to the property).⁷ Further, open and notorious simply requires that the adverse possessor present to the general public that it is the owner of the property.

The faulty contract holder then quit claimed their interest back to the son because the son decided he’d like to own the property again.And for the grand finale:The mom passed away with no will.

Even as a buy and holder that pays well for quality assets, I wouldn't touch something that requires that much work with so little equity upside.  

@Chad Urbshott is right, different buyers like buy and holders will pay more.  

If substantial then go to the note holder and make him an offer that you can divide the proceeds of the final sale.

More than likely a buy and holder.  

Guys - is that 600,000 paid pro members, or 600,000 account holders?

Does the License Holder Disclosure apply to me or only if I am a real estate agent?