To "formalize" it, you could just make it a loan from your friend to yourselves (yeah, a residential lender may frown on that). 

From my understanding, Lis Pendens is part of the foreclosure process in a state that does judicial foreclosures, and it is akin to a Notice of Default in non-judicial states.

there are some positives, but many negatives to them, you should get a ratified deed up front, be aware that the lender could call the loan, be sure the seller will fully cooperate when it is time to formally transfer, seller could circumvent you at the wrong time, borrow against the potential equity or just say "forget it, i have a cash buyer"!.

Hey Jayson, Becoming an agent will have no effect on this, just purchase it with a formal sales agreement between you and your mom.

This begins the formal eviction process, and lets the tenant know you're serious.

My concern would be that it was now formally brought to your attention, so if something happens the fingers will get pointed at you.

At the suggestion of other very helpful local investors, I decided to attend the judicial tax sale in my county.

Hi Sean, with Ohio being a judicial foreclosure State figure on at least 9 months to go full circle.

There are many legal formalities that must be observed prior to eviction. 

I know that there are federal laws that allow heirs to assume mortgages and I think there is a high probability that you can call the servicer or bank and ask them what the process is to formally assume the loan.