I don't want to speak for Joseph, but yes the $230 accounts for all expenses (taxes, insurance, mngt, debt service, future vacancy & future maintenance reserve). 

I currently don't have any money, credit score is fair, but don't want to bother with the banks. is it possible to get money somehow to make the payments according to the terms agreed to?

Taxes are $500 a month and insurance is $250 a month.

What was their credit scores?

also how as this been going i see you posted this a year ago.I used the local credit union for the land loan.  

But, if you are younger than 59 1/2, you could get whacked with $50k in tax penalties alone. 

@Chris Seveney the Detroit Land Bank sells tax foreclosed properties that Wayne County sells to the City of Detroit (more or less).These are NOT lender foreclosed properties.

You certainly can 1031 exchange from CA to Hawaii, although the California Franchise Tax Board will make it a little more annoying by forcing you file a new form (Form 3840) each year after you sell...failure to file the form will result in taxes owed. 

The difference between a $1000 exchange and a $1500 exchange is insignificant when compared to the tax hit if your exchange is done improperly. 

A direct attempt at seller financing will result in taxes being recognized for the value of the carryback note (making the exchange less efficient).