I will speak to prospects in NC by giving you information based on my experience in Charlotte, the largest city in NC by population.  

This is based on the books I've read and information BP has taught me.

Both of my businesses are based out of Manhattan, but give me the luxury of working anywhere in the world.

Based on what you said there is no money in this property whatsoever.You take 105 and add in arrears, legal fees, and all other kind of stuff a lender tacks on and then add on repairs the property needs there is no money.Might could do a short sale on it.

I've been crunching numbers based on real world deals that I've been finding in Atlanta.

I'm based out of Sunset Beach, which is just a few minutes from LB. 

So a deal once found attractive based on which I bid is turning out not to be so attractive.

These books teach you how to handle situations, how to find solutions based on your value system, set clear boundaries with people and overall understanding people's motivations and why they do what they do (which is extremely helpful in any interactions with people).

I did find out however that it could be, based on zoning map, switched to a multifamily from a single family.

Either they can sell the note on the secondary, the price of which is determined by a reasonable yield calculated based on risk and return, or they invested in a security, and are at the mercy of the manager.