Now, if you can handle all the administration (bank accounts, expense segregation, tax filing, etc.) that's a different story... left as an exercise for each KY REI to decide. http://www.sos.ky.gov/bus/business-filings/Pages/Fees.aspx

@Jed Wood, Unsecured note comes with high risk and as plan trustee you have a fiduciary responsibility to managing plan assets prudently, exercise care and diligence when making investment decisions.

The WOSP also details "transit improvements which are to include enhanced AC Transit bus service, a street car service (stoked about this one) and other approaches, with direct links to planned pedestrian-and bicycle networks, the Mandela Parkway/West Grand Avenue employment and business center, the shopping and other existing amenities at the Oakland/Emeryville city limit line, downtown Oakland BART stations, and Jack London Square."

I do this exercise a lot w/investors. 

Have you explored short-term/medium-term rentals in your area for enhanced cash flow?

BLUF: I would exercise the "30 day money back no questions asked guarantee" if my good conscience would allow it.

Unless you plan on paying the mortgage off soon after taking it subject to, it's an exercise in futility.

From there, it is pretty much an exercise in figuring out what the "highest and best use" of the lot would be that is permissible and building that in an efficient, effective, and risk mitigated manner ... that pretty much sums up development as I understand it, but then again I'm admittedly a neophyte on the subject so am as curious as the OP to hear other responses.Other questions I'd want to try to figure out are what class of neighborhood is it?

To exercise the Early Termination Option.

@Andrew Parker When you lease option you are a tenant until you exercise the option to purchase.