At it's basic level:Assumption: Asking the bank to turn the loan over to you and going through the normal underwriting process, credit, income, DTI ratio etc SubTo: Taking over the loan without telling the bank, no underwriting, no credit check, no income verificationBoth have risks, but it's not my intent to be detailed in this post.

I have two banks that have done so as well as a credit card, and know of a couple of organizations that have as well.

A couple issues with Credit/income on paper.

(As AZ and your current state will fight over who gets to tax your gains with the federal government.)I have to throw most of the shade on your horrible tax guy/cpa who didn’t tell you renting it out was a $50-$100k mistake. 

Those are people who have cash/credit and will lend to you if you have a good deal locked up. 

Improve your credit and financials so lenders are willing to take a chance on you.

Keeping clean records from day one really helps when tax season rolls around.

Or are you actually talking to a bank about buying the note so you can see the notes and credit on the owner of the property?

Not only will lenders be effected, but borrower credit, business loans, inventory, and auto credit will suffer when those effected have to relocate, find long term replacement housing and their livelihoods and income are destroyed.

The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.