I recall a NYT article about potentially doing a college of sorts down there with all the casinos closing.

Sit there from 5-7 PM and see what kind of activity you see.  

It's empty, paid off, and sitting there. 

If you put in your own names not only do you liability risks but you'll also need to figure out how to document your partnership terms and handle accounting.Even if it's in your name or not, financing is still going to look at the investments with different terms if it's not your primary residence as far as I recall.

Like most HML or builder developers our accounts can be significant at draw time or after a bunch of payoffs and are sitting waiting to find a new loan.they live an die on deposits...

If it's been on for 80 days without a price drop, it seems like the owner may be able to sit on the property and wait for what he wants. 

The investor would have to rent it out for a period of time or let it sit there for at least a year or so to avoid IRS scrutiny.

Sit there (or have someone) in the morning to check the customers?

As long as the equity sits dead and buried in a rental you are losing money every day.

The house has been sitting on the market for almost a year and the seller is not motivated to sell for anything less than their asking price ($350K).