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. 

., if I’m dealing with someone in, say, Chicago or Austin, I know precisely which local operators are closing quickly and which boutique lenders are staying nimble.

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!

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. 

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. 

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. 

Maybe he does file a nuisance mechanics lien (whether he can and precise procedures) will be dependent on local law.