It would suck if you got stuck with it, couldn't rent it or flip it, and lost your tail because your exit strategies fell through.  

Not living in the unit is Mortgage fraud and can carry some hefty fines I lost my entire response post.  

Now is the time to establish a relationship with a title company. 3) How long has he had control over it and why hasn't it sold yet?

Lease to own is an excellent way to get control of the property.

I lost a deal to this.  

They will if you look the other way.The above allows me to control the materials going in to my project, and allows me to eliminate a bad contractor or subcontractor without missing a beat. 

Remember you don't have to own a property to control it.

. * Buy a VALUE-ADD multifamily asset (40 units +), using cash (private capital) or control the site using short term land contract.

It provides me more control (but thats personal preference).

I am a bit lost on the best way, obviously it is a longer term strategy and has an element of "appreciation play" to it...