But, in watching this market the past year, I can't wrap my mind around any strategies that rely on Bay Area rents where they currently stand (or even down 15% ) to cover debt service since I believe that their rapid rise was intimately tied to this cycle tech employment growth. 

She is looking to pay off credit card debt, in addition to a balance of around $18,000 owed to a bail bondsman who is working with her and is willing to release the lien on her property provided that the balance be paid when the loan is dispersed.

Most likely a cosigner cause they will evaluate the DTI (debt to income) Call sagamore mortgage in Highland and tell them I sent you he can help you out his name is Gerry. 

Can you get another 400k in debt?

My question is, how do I take possession of this property?

It is a 1700 sq building on Main St. in my town.My LLC, I'm assuming since all properties are on land contract, has no debt, but no real assets either.How would I best go about funding this commercial building?

Minus debt service on top of that and if your numbers are correct.  

From the outside looking in, it seems like they have taken on a lot of debt themselves for the honor of being stressed out constantly and working for a few dollars an hour during their free time.

In Atlanta you'll have to show up the date given or your landlord gets a writ of possession .

They used 70% debt servicing, 20% from investors, and 10% from manager funds.