If the property has equity, be prepared to sell before FC or have access to funds to payoff the loan.Andy thank you for the clear description and clarification on the subject to vs assumption definitions.

Just to make sure..... verify that the legal description in Your purchase matches the legal description in; the foreclosure action, the original mtg from the previous owner, and in the deed where the previous owner purchased.Surveyors rarely make this kind of mistake, but that is also possible.If all the previous legal descriptions are the same, dating back to when the house was actually built, are we to assume that whoever built the house just “guessed” at where to build it?

Our family has been renting a single-family home (see description/additional background below) for the last 2 years and are considering buying the property from the landlord via private sale.

This changes the description of the property from Residential to Commercial.  

The listing agent they hired was terrible with blurry pics, bad descriptions and no open houses.

But of course, all the other regular bidders realize this too.Also, make sure you get a search for mtgs/liens by legal description also, not just by the owner’s name search.  

It needed about 80k in repairs due to fire damage which  probably explained the holes in the floor in the description of the property.

Though this just gave me the idea I can create a google form for maintenance (type of issue, title, description) then have them email photos as needed.

Anything falling within that description would be self-dealing and result in severe tax penalties for the IRA.A self-directed IRA allows the IRA to diversify beyond the stock market into assets such as real estate and private lending, but everything is done through the IRA and exclusively for the benefit of the IRA. 

@Stian Birkeland see my other post for a description of my experience using this technique.