Get both in writing and maybe that could save the deal?

@Joe Rodriguez congratulations on finding this property and thank you for writing up a description of the deal!

Also we would evaluate if we wanted the 10 months until end of lease, or if it made sense to write a new one for a full 12 months

There are companies that specifically write builder's risk policies that can be MTM.

Write down as many possible negative outcomes as you can.

Nice write-up.

The mortgage balance is only $30,000 and less than $100mo in interest at this point so not much to write off.

That requires you to have the original Lease and a Lawyer to send a letter to the Director and fight tooth and nail to get them to release the unpaid Water bills from your Closing on that property in writing.

.$5000 down and owner finance the rest....now that house is yours, you fix and rent after a year, refinance and do it again...do this for 10 years and you have 10 houses.If you are in a tiny town....you should know every vacant house in town...and you are calling those owners every month asking if you could rent or fix their property...and writing them hand written cards and notes.Best wishes for your success. 

@Jaron Walling - appreciate your time in writing a reply!