It makes opportunities ripe for us buy and holders!

Then came issue with Randy being the 'lender' and cannot be on Title as owner and lender/lien holder/beneficiary.  

There are a couple properties I have my eye on that are going up for sale soon....I'm having a title company do title searches on each one to determine lien position...both properties are vacant, so the redemption period is only 30-days, but it's unclear to me if it is the foreclosing bank or myself as the sheriff's deed holder is the ("mortgagee") who determines if the property is "abandoned in accordance with MCLA 600.3241a"Based an exterior inspection, the bank has already seized each property by installing padlocks on the doors and winterizing the plumbing.

The bank will authorize (accept) the S.S. or not and it's a long time in being resolved, heavily depending upon the portfolio of the mortgage holder. 

They will pay the Actual Cash Value (RC less Depreciation) and then, when the policy holder shows that the work is completed, they issue a check for the money that was held back. 

The first lien holder was shut down 6 years ago, but the assets were taken over by another bank.  

That means, if the debt on the property is beyond the Statute of Limitations, and you buy the debt and start foreclosure, then any party or heir who has an interest in the property could appear (unlikely but possible) and they could claim the debt is beyond the State statute of limitations and therefore the foreclosure must be dismissed.Conversely, if the debt is beyond the Statute of Limitations, but you did get a quit claim from each of the two brothers, then you could quiet title in your name without paying a cent to the mortgage or lien holder.  

Do we not do an LLC for the two of us together, but list his IRA and my LLC as deed holders?  

I've only had 2 such certificates - one where another certificate holder applied for the deed and redeemed my certificate and another, very small lien that I'm holding out hope the same thing happens. 

Call the lien holder and see if you can buy the lean for 40K and then go through with the deal.