In exchange for the condemned property, the owner receives a reasonable amount of money or property called a condemnation award.If a taxpayer receives a condemnation award of money or unlike property and purchases qualifying replacement property within a specified period of time, they may elect to postpone all or part of the gain realized on the condemnation.

I'll be holding this property long-term, and I'd need to see the unit making money after a reasonable payback period.

Ten days later he gave me a check for $200 and stated he would have the rest in October.

Then the financing would be done solely on the property, but the rest of the purchase in cash?

You can't do no money down on those and I don't want to have to stop doing single family for such a long period of time - especially when I believe that the super low prices are only going to be here another 12 to 24 months tops.

I have already moved some of my assets out of there, and the rest will be following soon. 

You need to bring your break even point in gradually and thereafter you can illustrate a conservative increase over a period of time.

Offer his the 12K as a down payment to the land and make a low offer, then owner finance the rest.

. - I would definitely take Jon Holdman advice and slow down based on your post about investing for a 2-3 year period.

Why can't the 47% of this country accept personal responsibility for themeselves and stop mooching off the government, electing to be carried by the rest of us, not working and wanting handouts!