I know that this is a big risk property but I believe that it has the potential for high return if I can get all of this permitting and renovation work figured out on the front end.I'm just looking for any advice on how to cover myself on the front end prior to making an offer and how to expedite the work so that I can get renters in and start recouping on the investment as soon as possible.

Not much you can do now outside of pricing and putting in the listing if you're open to offering concessions to get a buyer.

I suspect the owner could sell the property to a third party free and clear of your lender's claim to the income stream. 

Feel free to reach out anytime!

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!

Due to current interest rates, many CAP rates are much lower than they should be and usually there is only so much price discount a non-delinquent seller will be able or willing to offer.

(Google UBIT or read Tom Wheelwright's book Tax-Free Wealth)Investing actively in real estate through an SDIRA voilates the self-dealing rule for IRAs.  

Feel free to ask me any questions—I’m happy to help!

We provide free medical coverage, free food, free housing, free cell phones, free internet, free clothing, free transportation, guaranteed employment for any/all who ask (salvation army), free furnishing of a home, free temporary housing, free shelters, free free free......

Feel free to PM me if you want to chat.