Can I simply transfer money from my personal accounts over to the LLC or is there a more formal/official method of doing this?

So unfortunately, the family could technically still come back up to 5 years later (assuming they even know about the property).Either way, the house hasn't been formally foreclosed on, so there isn't an auction date yet.

@David Gore Hey David, it's likely a lis pendens " judicial foreclosure " since it's a commercial deal. 

Rather than having a discussion over the phone, submit a formal request via loan application - Then follow it up with a phone call.

We are looking to formalize our business into an appropriate entity structure (recommendations for a local attorney are definitely welcome!)

Figure out what you can do to help someone who is doing what you want to do... and offer your services.Without a formal mentor I have learned a ton by networking with local real estate investors.

One of the biggest thing to look at is if it is in a judicial or nonjudicial state.

@Ruby Schwartzberg I’ve built teams in 3 different markets and never had a formal “mentor”.

There's a continuum of formality - one one end, there's REITs you can buy through eTrade. 

There is no redemption, no sheriff, no lawsuit or judgment (assuming its non judicial).