HI @Tim Johnson nice job hunting down the information on that property, and since you have all the info you need at the moment the next step would be to call the bank and see what their asking price would be to unload the property, some challenges could come up if it is in default they may want a large chunk of money right up front so  be prepared to hear that, also need to make sure to ask about the title to ensure there are no more liens against the property that you may not know about, on a side note they may negotiate with you and just let you assume the old owners terms/loan and walk right into it, but at this point you will not know anything until you call them,  remember you have nothing to loose with making the phone call, just make a list with all the questions you may have and dial. there is the possibility that they will not know everything but remember banks do not like to hold property and may work with you on a good deal to get it off their file., best of luckJay,

Hi @Chantz Ireland, i would look into the county tax / other public records to find the banks name/number and the next step would be to call the bank and see if they would like to unload it and what their asking price would be to unload the property, some challenges could come up if it is in default they may want a large chunk of money right up front so be prepared to hear that, also need to make sure to ask about the title to ensure there are no more liens against the property that you may not know about, on a side note they may negotiate with you and just let you assume the old owners terms/loan and walk right into it, but at this point you will not know anything until you call them, remember you have nothing to loose with making the phone call, just make a list with all the questions you may have and dial. there is the possibility that they will not know everything but **remember banks do not like to hold property and may work with you on a good deal to get it off their file.best of luckJay,

Right now we are working through a partnership agreement as well as a loose business plan.

I use leverage but not excessively.  

If I were younger, I'd probably leverage my brains loose.

Currently, we lend in excess of $ 40,000,000 a month in 10 States.  

hence paralysis*  it is a very common problem among newer investors and even seasoned veterans can fall into that rut if they loose on a deal they may analyze like crazy to avoid falling down again and end up paralyzed in fear. i hope this helps with your question on paralysis/analysis,  best of luck in your REI adventurejay,

Maybe the excessive use of acronyms and abbreviations is annoying him.  

Your plan with maintenance violates the Tax Code, you plan will also be determined as an installment sale, not a lease and you will/may have a tax liability from the date of the option. 20% down as an option price is excessive as a true option price and again you'll default to an installment sale. 

The supply side is constrained by regulatory hurdles and excessive costs.