There is too much missing info to determine what your options are because they will depending greatly on the original survey and current title policy.

If you breach the property and enter, you are exposed to all kinds of issues and claims of “missing silver, good and Picasso art.” 

Getting it filed in April is one thing, but October is generally reserved for late filers, people with missing K-1's etc. 

Consumer foreclosure should expect 6- to 9-months from missed first payment to filing the trustee's deed.If the lender is foreclosing on a non-consumer loan, don't get in a rush and skip steps if you want the sale to stick. 

Just a back of the envelope calculation for me ends up with ~ $70k in initial equity but I am sure I missed something.

It only misses the ceiling height requirement.

Is there any other reasons to be concerned that I may be missing?

I see investors trying to flip in Macon and that can be hit-or-miss. 

Is it worth it to take on the extra work, existing or potentially new local ordinances, and seemingly new daily competition for a higher return or have I already missed the boat?

So creating individual space did'nt seem like an option.. unless I'm missing something.