BP and its people are definitely a great and helpful resource.I concur, Ned's advice applies to you and your (and my) local market too Daniel ... only possible way around it would be to buy with HML in your name, refi after seasoning to a traditional mortgage, then transfer it into your LLC.

I was questioning this because the sheriff will "transfer the property" back to me, correct?

There are some commonly used strategies (with varying success)  to limit sound transfer.

Like @Wayne Snell & @Mike Hartzog say, this looks like a good opportunity, though check the county records to see if the 2nd has not already started to FC and if not, do it as soon as you can after transfer and hopefully be the first to file, then attempt to work somehthing out with the other party in the mean time.

They just basically look the other way when you transfer it to the LLC, provided of course that you keep paying!  

I wanted to reach out to all of you and ask... how does the tenant transfer process work?

Since it has been over 20 years and inestate, my guess would be that you are bordering on transfer to the state by escheat.  

The deed i get is transferred to me from the  Bank.So sounds like though owner will redeem it from me because i own it now, the money he pays back could just be what Bank's cost was.i'll check with an attorney.

You also mentioned the transfer costs, but didn't include capital gains exceptions and 1031s that can create large savings over time.

@Andrew Postell isn't the Due on Sale clause a problem when transferring names on a title?