If you had purchased from the owner prior to the foreclosure,  you would have assumed the $$ amount of those judgementsThere are many professionals in big cities that do exactly what you are proposing. 

I currently own a house in East Nashville that cash flows well as a STRP, but Davidson county just passed legislation to phase out all residentially zoned, non-owner occupied STRPs.

What you are proposing makes me think that cash will be tied up in that property for a long time.

Make sure your accountant is on board with your proposed use. 

Don't get hung up on that too much, there is something to be said about keeping moving forward vs. getting it perfect.If you are undecided go with @Max Gomeniouk s proposal and get a HELCO and refi later.

There are well marketed ones such as RealWealthNetwork (which seem to have a reasonably good reputation here), and I've seen some proposals but honestly lack the skill/experience to vet whether the plans are for real vs. just well marketed.I do want to keep the day job -- I enjoy the work and I've been positioned for success/growth.   

@Dave Houser you might have better luck seeing if they are willing to let you assume their mortgage, also know as acquiring the property “subject to” the existing financing staying in place.We do a lot of lease options as sellers but we don’t offer any monthly credits because of the Dodd Frank legislation that prohibits us from creating mortgages (or anything that looks like it could be a mortgage) since we are not mortgage brokers. 

Given that Amazon received proposals from 238 cities, I think this news mainly gives some closure/disappointment to those other cities.  

The company previously said it was looking at metropolitan areas with 1 million people and a stable, business-friendly environment.The remaining 20 places are:AtlantaAustin, TexasBostonChicagoColumbus, OhioDallasDenverIndianapolisLos AngelesMiamiMontgomery County, Md.Nashville, Tenn.Newark, N.J.New York CityNorthern VirginiaPhiladelphiaPittsburghRaleigh, N.C.TorontoWashington, D.C.The e-commerce giant received 238 proposals from cities in North America, many with lofty tax incentives and unique offers directed at CEO Jeff Bezos."

Will I need an attorney's help to make a proposal and talk to city or or just talking to the city- town planning would be good?