My question is do I go forward with purchasing the property and deal with the higher insurance and potential hazard or is it smarter to walk away?

Also, the short answer to your question IMHO is as early you possibly can haha

What would be my best approach, I assume find a private lender and work out some deal with them.All questions and answers will help thank you.Normally the lender for the reverse mortgage will start a foreclosure.

They usually give you the first 30 minutes for free so you can explain your case and ask questions.

Happy to answer any questions you may have!

The founder appears to have been involved in businesses outside of real estate: ‘My dream is a locally made grooming products business’ | People | nashvillepost.comSo it does not appear there is a lot of track record there, but those are questions I would ask.

Quote from @Heather Luu: This brings me to another question.

I do have a third goal, but too much will happen by the time my second goal materializes that my third goal will likely change drastically.Also, I tend to find myself wanting to ask market-specific questions to agents/lenders/investors/contractors/etc. a lot.

Question is: how? 

Keep crushing it, and feel free to reach out if you have questions—excited to see where your journey takes you.