It looks like escrow is the way to go. The city I live in isn't large, but is surrounded by many colleges and has a very popular downtown area with a large amount of clubs/bars. I plan on starting a directory in which the owners of these businesses can be listed in.
Do you think it would be smarter to simply create a site of my own and do the SEO work, or purchase this site that already is on page 1? I realize that it probably wouldn't take that much SEO work to rank #1 but I'm not sure how much trouble I would have ranking seeing as it's an EMD.
The current site's content is small and worthless, and all that has been done is 2.5K backlinks and some anchor text.