Longterm I believe this will work out, but also can't provide a full picture after only holding for one year.  

What would be my best approach, I assume find a private lender and work out some deal with them.All questions and answers will help thank you.Normally the lender for the reverse mortgage will start a foreclosure.

Start with a small one on the first couple to work out your system kinks.  

Let me know how things work out for you.

They could also just put a single entity that they remote bankrupt if doesn't work out or have early release of guarantee 3 to 5 years into the 10 to 20 year lease.

You operate in whatever city you work out of, which is fine. 

Also, if you decide to sell, commissions are negotiable and/or you could work out a good seller finance, or other creative finance option.

Where I am in New Jersey, the numbers wouldn't work out at all, but those numbers are good on your sale and rent for the build cost, especially since they should appreciate there in Little Rock steadily.

Quote from @Dawn Roy: My response is not relevant to this transaction as it appears everything is going to work out with your lender. 

Yes, CT can be an expensive market but depending on where you work out of, it can be manageable.