This is why many are into pre-foreclosures, when you can get a property 30-50% value you are going to win all day. 

The sub-2 option still may be the best option for your friend as it seems like the house is not selling (as you mentioned it's been vacant for 4 months; and is likely a foreclosure risk). 

If they start asking for the ground rent and it remains unpaid they can literally start foreclosure on your property. 

(Take care you study the condo rules & regs carefully, because THEY are in control.)When I started out I limited my out of pocket severely but that was 2008 and I could grab distressed foreclosures.

I think there is going to be more foreclosures in time hitting the market as well as the banks sort through the covid mess. 

Foreclosure deed clears the mortgage, you won't owe that.

In Maryland, it is restricted to contact people directly from the pre-foreclosure list.

Target truly motivated sellers (i.e. pre-foreclosures).

I am interested in short sales/foreclosures.

Absent of the insurance policy.. if the LLC were unable to pay a claim against it, someone can force or commence a foreclosure on the assets of the LLC.