Do not sign an assignable contract until you have had the opportunity to investigate the true value of your property and the legal implications with an attorney.Take responsibility for being informed about the value of your property and the contracts that you areconsidering signing.Distressed Rescue TransactionsInvestors and real estate brokers are approaching distressed homeowners (those behind in their payments, facing foreclosure, or experiencing a medical issue).

There are some exemptions to taking money out of your Ira without penalties-checkout irs code section 72t and see if it helps.

If the property has homestead exemption, the redemption period i believe is 2 years. 

If you were to subdivide and sell the land to a controlled S Corp you could use Treasury Reg §1.121-1(b)(3) to exempt the gain of sale on the land. 

My partner likes the area, thinks renovations are reasonable...it's near major medical hospital, which is the biggest thing in the area.

The penalty is loss of exempt status, and a tax bill on the entire amount invested in IRAs immediately due and payable at ordinary income tax rates, and a 10% penalty.

This letter i received basically says that due to my tax exemption history on a 3 unit house, my house is subject to becoming a stabilized house.

As for jobs the Cleveland market has got a huge medical industry & Amazon has just opened a few fulfillment centers so keep an eye out for investments in Euclid as I anticipate that neighborhood will benefit greatly with increased rental pricing & demand.

But assuming you have a Homestead Exemption, you should be golden on this. 

No one formula works because each situation is unique.For example, the value will be determined by these variables, as well as numerous others : likelihood that note can be made re performing, amount of time in default, owner occupied or not, stage of foreclosure, foreclosure laws of the state property is located in, if the debtor has filed bankruptcy, financial condition of debtor, whether or not there are any guarantors, type of area the property is located in, equity in the property, balance of the note, interest rate of note, default rate of interest, communications with borrower, residential or commercial, if residential was the note in compliance with Dodd Frank, did it pre date Dodd Frank, or was it an exempt note, note documentation, chain of title, availability of original documents, robo signed or individual signed, title insurance.