This is called reverse amortizing b/c rather than paying down your loan the loan increases over time. 

Quote from @Allan C.: @Henry Clark I think getting over the trust factor is the biggest barrier to clear first.

If you have enough funds in an IRA the alternative would be to establish a self-directed IRA, and have the IRA buy the property subject to existing financing (if your sister is willing to do that), you personally can't assume the mortgage b/c you are not allowed to provide a personal guarantee for IRA-owned property and have the IRA pay your sister for the equity.

We will be using a HELOC as down payment, however what can we expect when buying a distressed property in B/C neighborhoods in Akron for a BRRRR?

I had a positive experience with a Section 8 rental in class C and it was ok, but I would not want to build a portfolio around class D. 

Or c) something I have not thought of.

@Joe C.

3.c) Not be arrested at all (based on the color of title that my QCD will have provided to them), and will Trump have to evict them after proving to the court that my buyers don't actually have title to the White House?

Quote from @Tony C.: Quote from @Jake Andronico: @Tony C.Can't recommend Turbotenant enough. 

@Mark C. yes it is simple to set up an LLC.