A BRRRR could maximize returns by recycling capital, but it requires solid execution.

If the lienor failed to follow the statutory requirements to perfect the lien, the title insurer will probably advise the management company of the problem and request they record a release. 

A land loan for 'raw' land will require a 50% down payment and high APR as you know.

Does your local jurisdiction require you to return those fees if they were not screened? 

Will the title company put this property under our LLC name, and won’t be required to legally inform HUD/tax authorities. - will it influence property taxes once we move to conventional loan in 3 yrs? 

Another option that requires more legwork is to call the servicer/ producer of the inverter.

This attorney should handle creation of your PPM and state filing requirements, but they do not handle the PSA or closing. 

I've found an off-market property that would require $175k purchase, $35k down, $20k in repairs, with a conservative ARV of $235k. 

If you buy an investment property with your IRA, most require a non-recourse loan.

As investors we want to maximize revenue but to your point that still requires applying common sense and basic ethical principles.