Also got the added bonus of repairing/replacing rotten or beginning to rot timber framing under the house, and adding a french drain to prevent future water inundation of crawlspace.

But, that’s because the towns changed the code relatively recently (to try to prevent “dense” construction).

Refresh the HomeLate in the fall season is the ideal time to dedicate some preventive love and care to the property.

We're looking to move into that area and invest our own money, and entertain JV investments as we discover the sweet spot and can execute on it...Does the community have any conclusions on what part of the Oregon coast is the sweet spot for Air B & B and the like?

The safety issues at this house should be enough to shut you down and prevent you from renting this house to anyone else permanently. 

The good news in all of this is that the government and the mortgage industry are working together preventing any unnecessary foreclosures.

The partner's equity would remain in the property preventing the need for a down payment?

May be I Did not clearly state in my post.Ok lets put real timelines in this.first the bank that owns this now  had probably a 1st mortgage... the IRS lein Is junior to the first mortgage.. when the bank foreclosed the IRS has 120 days to redeem if they don't their rights vanish into thin air.. so in practice no bank is going to sell a property until the 120 days is up.. and no buyer in their right mind is going to buy the property with the lien still there they simply wait a few months and the lien is gone and they buy then.. 

Being new to this site, it is such a breath of fresh air to meet people with the same goal as myself.Adam 

I don't see any line of logic (or regulation on a national level) that would prevent this.