I know there is a bunch of abandoned box stores with no tenants, but when I go to loopnet.com I see very little offered.

You could also put the property into an LLC as opposed to putting his name on it as well, but you would just be back into the situation your currently in, with lesser terms when you go to refi (due to LLC).

At that point I can evaluate market conditions, time of year, situation at hand, etc and provide a reasoned lease cancellation quote for the tenant to consider.

There isn't a bad guy in your situation, just a tough situation for your parents. 

But these seem like big "Ifs".Does this situation make sense to move forward on??

What to pick comes down to your individual situation.

If you can't handle stepping in to a grocery store or attending Sunday church service without a dog in your pack, you may need to be medicated and under constant supervision.I'm prior military and a combat veteran.

As for starting out with no money, a lot of folks in similar situation start out as whole-sellers.

That's a difficult question to answer without understanding your current financial situation and risk tolerance.

My situation is similar to the link I post below.https://www.google.com/amp/amp.abc15.com/2292951710/hostile-takeover-state-law-allows-investors-to-take-homes.html