I have heard some of that misunderstanding before.To clean up some of your jargon:Mortgagee = LenderMortgagor = BorrowerYou are the Mortgagee when you buy a loan.  

As for @jay , I think maybe I was misunderstanding his intention.

I'm willing to bet that closing cleared that nightmare right up or will clear that misunderstanding up!"

That said, if you have the "disregard if... " on your future mailings, then the awkwardness part is moot because when you ask, with the intent of receiving confirming the status, and they acknowledge that it is, then you can simply apologize for the misunderstanding, gently point out that your mailing had a note about listed properties and so having received the call, you naturally assumed that the property was not listed.  

Please forgive me if I'm misunderstanding how this works.

Is this a good use of hard money, or am I fundamentally misunderstanding something?

This prevents misunderstandings, inspections, condition, any additional down payment, financing concerns, who pays title work, etc.

I just wanted to clarify as there is possibly some misunderstanding: the quotes I was given were obtained by the current owner, and are not 2 alternatives, but 2 requirements.So $22k to repair the foundation PLUS $130k for the inside of the 1350 sf unit and some inside and outside crack repairs on the rest of the building and the rest of the units.I will definitely get my own quotes if I choose to proceed.

I think a lot of members are misunderstanding the distinction between operating a commercial business out of the home and simply hiring someone to perform a service at the property. 

@Michael HammondYou are mis-understanding the linkages here.A Solo 401k is a retirement plan that requires you have some form of self employment to sponsor the plan.