They love the idea of wealth, financial freedom, but don't want to put their own financials on the line.

I don't want to name names, but I use a major US financial institution for my banking.

I would think in most situations the original owner is in financial trouble, probably delinquent on their mortgage and facing foreclosure.

Yes, this comes with some risks and limitations and this strategy is not for someone without any reserve as it will put them in a very bad financial position.Thank you

Are there other legal or financial consequences I should be aware of?

Communication and setting expectations are key to any smooth financial transaction. 

The financial analysis side of CRE really excites me.

Bigger Pockets is a great place to find a real estate tax accountant.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

To avoid unnecessary liabilities, delaying acceptance or exploring a cash alternative may be the safest financial option.This post does not create a CPA-Client relationship.

Quote from @Josh Lansberry: You will hear a lot of people bad-mouth him, but Dave Ramsey can teach you how to get financially savvy real quick.