If you still have the appraisal and it is completed by an AMC you can transfer it and still close on it.

If you fix it and have the receipt with a transferable warranty you should be OK.

After that, the house ownership is transferred over to me.

Transfer Taxes 10. 

They can't transfer deed to you because they haven't satisfied their note.

Theoretically, at least.Since the U.S. courts routinely find these foreign asset protection trusts to be a sham, and transfers to these trusts fraudulent transfers, the assets in the trust themselves need to be beyond the reach of the U.S. courts system.

If you go through with the purchase make sure that the security deposits are transferred over to you at closing!

I planned to recommend getting the deal under an assignable contract and if you can't make the financing work try to find an investor to transfer it to for a one-time profit. 

Quote from @Chas Lumley: Hey all,I'm looking to make an offer on my first rental this week and was wanting to get different inputs on LLC vs Umbrella policies.I will be using a conventional loan and I was told by my loan officer that I can not buy the property under an LLC, but I could transfer to an LLC after acquiring. 

But might help others avoid this pitfall…when a mortgage is transferred between banks, I’m learning they don’t record a lien release with the county.