There could potentially be an option for the heirs to assume the mortgage when the estate is settled.

Is that an option?

The other guy, who bought in the boarded up zone, has no such options.

The 2nd part of the question is which option maximizes the true revenue potential of the property ?

I'm not smart enough to work out the math of which option would be best, or how long it would take for the syndication option to overtake the DST option. 

Mathew, From my perspective you need to talk with local real estate investors and a quality realtor to determine what is needed as well as paint choice options.

I am a long time Bigger Pockets fan and a first time forum "poster" from Winnipeg, Canada.

Start there it will offer many more options and choices than the 'loan officer' at your bank branch.

Pricing and rates change constantly so if you are seeking cash out of a rental property you can entertain a second DSCR equity loan up to 70CLTV to keep your first in place or take a look at a full new cash-out option.

Transplant hospitals might be another option.