Account Closed it is going to depend on how you did your taxes.  

Depending on how the lender responds the seller has some options.

It also depends on how much money you are investing.

It is hard to say what the future holds but you just have to depend on the present.  

@Brad Chatman - They are on the MLS or you could do a direct mail campaign, depending on the area you may wind wholesalers moving properties if you are paying cash.

Depending on permitting, construction time and market conditions it could take you 5-6 years to get out of that single investment. 

I suppose it depends in which part of Albany you'd consider living, but there are lots and lots of inexpensive properties across the entire region.  

Cap rates are manually typed in by Brokers/Sellers so accurate or not depends on the property.

Your expenses could be more or less depending on the condition and age of the property, and since this owner doesn't seem to have it together, I'd err on the side of caution and expect the worst. 

I can recommend a bunch but it depends on what type of loan you are looking for.