HUD questions

[Ben Gammon]

Hey Guys! 

I'm looking at putting in a bid on a HUD property in Cincinnati as an owner occupant. The market is competitive and I missed out on a previous property. This will be my first HUD purchase. My real estate agent says that all cash deals have a leg up in the market. I have a relative that is willing to gift some cash and I can get some private money to cover the rest.

I recall a BP episode in which @Brandon Turner mentioned that he was buying  a property all cash but it almost got ruined because his cash was private money and he ended up having to take out HELOCs to save the deal. 

Can anyone tell me HUD's definition of 'all cash'? Would my scenario be an all cash purchase in the eyes of HUD? My understanding is that lenders typically ask for the last 3 months of bank statements. Does anyone know how far back HUD might look?

The purchase agreement states that I have to live in there for 12 months. However, the property has been boarded up and I'm currently out of state. I plan on relocating in the spring and will live there for 2+ years. The wording doesn't state which twelve months I am required to live there. Has anyone dealt with this? 

Can anyone recommend a home inspector in the Cincinnati area? 

Does anyone know if HUD has restrictions on me transferring title over to an LLC? I'd like to limit liability!

Thank you to anyone who can assist! 

HUD Cincinnati all cash first time home buyer gift cash Hamilton county