As luck would have it, his business had grown significantly, and he was now more eager than ever to acquire the land.He made me an offer 12 times higher than his original one—and well above market value.

If you can't perform to the new standard were setting, I strongly suggest stepping back and hiring one of us who are setting this new standard. 

Most are performing well and a couple of them are in the middle of dealing with evictions. 

Agree that we should not be spending a lot on renovations or repairs, but almost everything needed replacements/updates after we turned over the original tenants.

Foreclosure sale could sell at same price as original purchase, but with accrued interest and fees, all LP equity gone.At the end of the day, all LPs loses boil down to an issue with cash flow available and/or a decline in overall values.  

You will have to gather more accurate operating costs (vacancy loss, taxes, utilities, insurance, mgmt fees, maintenance, HOA) to best determine potential future performance.

A lot of original details still remain but looking forward to uncovering some goodies.

Down payment should be about the same (20% on a buy-and-hold) but you'll see an additional $3-$6k on average in CC and the ability to keep it off of your DTI/Personal credit along with hopefully no more hard inquiries on your credit (many lenders will accept/perform a soft pull).

It is not uncommon - main reason we see right now is over inflated original ARVs and now borrowers cannot sell and pay off the lender. 

Per my original post, "The Pitch".