(I understand this statement is not PC, but after 30+ years in the industry, I'm speaking from my own personal experience.)4. 

"Title 28 U.S.C. 2410(e) - Whenever any person has a lien upon any real or personal property, duly recorded in the jurisdiction in which the property is located, and a junior lien, other than a tax lien, in favor of the United States attaches to such property, such person may make awritten request to the officer charged with the administration of the laws in respect of which the lien of the United States arises, to have the same extinguished.

I personally wouldn't want to purchase bad assets, even if favorable creative financing was offered and I am confident I can accomplish more buying assets in a more traditional transaction than hunting down the unicorns.  

You may need a construction manager (a guy a friend who is organized doesn't need to be a pro trades person but doesn't use or party) to daily boots on site be orchestrating who is on first and that no one steals your supplies.

It's nothing personal.

It all depends on what "too thin" looks like for you personally.

This is the main reason why a project would fail and that’s probably what it is when you see idle building frames in the landscape.There’s another version of that same risk when the developer uses the money from his first buyers for anything other than the construction like personal expenses for example.

If you were trying to give personal advice or constructive critisim about something that is off topic than a private message would have been more... to use your word professional.

If  you have the contract drawn up and signed, unless you change the terms (eg want money back and he says no), he can't go and sell it to another person...if you follow the terms and conditions in the offer that he accepted. 

One group may be ok doubling up in beds and the others may be seeking a bed or even a bedroom per person joining.