How do you buy a condo project out of bankruptcy? By definition, a condo project is owned by several owners. Are you assuming that every owner will go bankrupt at the same time?

Also, 95% of these projects are just pretty pictures in a sales brochure. Very few will get built in the next 3-5 years. The fact that the lenders require at least 40% of the building to be pre-sold with actual “hard money” deposits will prevent most (if not all) of the buildings to break ground anytime soon.