I'd do some research on airbnb's in the area and see what their occupancy rates are to see if your return on investment will be worth it.

In my opinion, it's not worth your time and effort to pursue legal action.

These loans are typically intended for borrowers purchasing a second home for personal use, such as a vacation home or a secondary residence.

And given that risk-free Treasuries pay 5.3% now, is a 5% premium over that worth it?

Based on comps and recent sales I know the property is worth 120-140ish.

  $300k should be buying you $1.5M worth of property value.The the main role of the initial cash flow you get from a property is the recovery of your cost...the cash you put in. 

@Leo Gregoire, a typical first step after you are situated with your brokerage would be to reach out to your "sphere of influence".

Taking into consideration the WC,GL and him most likely getting the subs and materials cheaper than me definitely make it worth it.When you speak of turnkey GC's are you speaking of GC's that handle everything basically from start to finish and charge you their 10-15% fee at the end?

Now the land is not worth nearly as much as the collateral the bank issued their loan on.  

PO box or your attorneys office is typically the protocol.