Does he have a backup plan to hold the property for X years until prices increase and he can sell for a profit?

I'll keep it on the back burner.

Having it as a back up to a back ups back up plan ok.

You want to dip your toe in the water not to try to swim to the bottom of a 100 foot pool and then try to make it back up okay without running out of breath.Try buying smaller pieces of land to limit exposure and go from there.

I'm exploring bank financing, but I thought I'd run the numbers on a backup option if I can find one.

@Brianna Lopez here’s an idea:1) scrape a few hundred bucks together to hire a credit specialist who can help you  get your credit back up into the 700’s.  

I read in some place that I should get ordinance or law coverage, and water/sewer backup cover.

Then I let the list rest for a couple of months, scrub it for solds and then start it back up on another 6 month campaign.List criteria is different for every list type.Typical response rate for direct mail is 1-3%, but in very competitive markets it can be less than 1%.I no longer buy lists, and source the info directly from the courthouse.

You always have to have a back up plan no matter your strategy and mine has always been to convert to medium term (travelling nurses) or long term if the whole STR model was outright banned here.

I have no issues getting the building back up and looking nice and along the way I am able to increase rents.