If keeping the ground rent in place will actually increase our depreciation amount, if seems we would be best served to find another (in-state) lender.Gary Fisher

The second part is to do a ton of research and see if the rents have also continued to increase over a long period of time...again it's probably safe to assume they will continue to increase.

Because we wrote the contract “as is”, they said our reason for canceling, the property is poor condition and repairs are not done properly is not a valid reason. 

In its current condition only the 1st lien is in a position to recoup funds via foreclosure.

This could be tens of thousands or over a million, it all depends on the condition of the property and the quality of its amenity set. 

Let the seller know that you need to confirm some things (the condition, the amount left on the loan if there is one, etc) .

This method won't increase my monthly cash flow much in immediate future, but as loans are paid down and hopefully appreciation occurs, my overall situation should improve dramatically. 

The property has been empty for 8 years and all units need rehabbing.  1duplex can be done and ready to rent quickly ( 30k total rehab).  1 duplex will require a bit more rehab but is basically in the same condition.  

Monthly rent increase for that unit is $200. 

(someone please, correct me because this is the way I understand it)Partnering with someone with money.Use your bank for a line of credit, which you will need to have a good credit score and a good salary to get qualified.Use hard money lenders (accepting their conditions but you need money to fill a gap since they do not finance you 100% of the project).Use crowdfunding money.Have cash of your own to finance a whole project.It doesn't matter what method of financing you use, knowing all the facts on a specific property will be required and the list is long beginning from the year built.