I don't want to keep preparing until I'm dead, but also don't want to suddenly find myself with an investment property that I don't know how to handle. 

From your experience do you think that can happen immediately or do you think I have to wait to get the Sheriffs dead which won't be until the end of the redemption period? 

There's a part of my that wants to be a little bit cheeky answering your post by saying Chicago is a dead market and there's no one investing in Chicago.

In 2033 seller will be dead, His heirs will get a STEPUP BASIS in the property and avoid capital gains, the seller will get a monthly benefit without the hassle's of operating the community while he is alive.In this option I did NOT pay the 30% down payment , but I could provide a 1st position cash out refi too the seller for $1M - $1.5M I would need to make sure the seller did not encumber the property during my master lease with a mortgage, i would lose any ability to do a cash out refi for 10yrs and I would lose the ability to capitalize expenses, and have depreciation, The seller would need to make sure that I did not operate the community where code liens or tax liens encumbered the property.Has anybody heard of such a deal strategy?

My question to you would be are you dead set on the North Georgia market?

I would encourage you to just state you want to send an amendment to the price (or repair addendum showing what want fixed, usually price reduction is easiest with amendment for AS-IS properties), attach a copy of a quote from a GC/sub so the other party knows it is legit, and then move forward if the numbers still work, or back out if the deal is dead.

At least you tried it... hopefully it rises from the dead in the future, bigger and better!

Since this was a buy and hold when empty due to me doing it has dead time.

The utility company will most likely be a dead end.

My name is Gillian (pronounced Jillian) and I was born and raised in the East Bay.