I'm a licensed and insured general contractor who works on New Orleans houses and commercial spaces.

My strategy plan was to house hack a multi-family unit on a FHA insured loan, though I may have to rethink my starting approach.  

In most states (not sure about Georgia) the excess proceeds, if any, from the tax sale should go to the owner/heirs.

As to your question: I believe that for any loan over 78% loan to value (an FHA with 3.5% down would have a loan to value of 96.5%) you have to pay private mortgage insurance (PMI) to protect the lenders in case you default on the loan.

Death is obviously difficult for any family, as is the following estate proceedings and such.

We've been chatting with insurance brokers and a couple things have come up that I'm not sure about and don't know if they brokers really know either.The property will be owned in the LLC's name.

I was hoping I'd find support for whether or not it would be a good idea to get hard money for a 25% down payment, traditional financing for the remaining 75%, with all profits (rent less both loan payments-HML and traditional financing, prop tax, insurance, and 10% maintenance fund) going to the hard money lender under the loan is paid off. 

It is purely a diversification play for the retirement plan, with all proceeds flowing to the retirement plan.An IRA may not lend to you personally.  

Hopefully they would answer YES, and you can proceed to find out whether you can have them owner finance you (if it is free and clear...or ALMOST free and clear...)

We'd like to sell it and use the proceeds to buy a new primary residence and then either convert our existing primary residence to a rental or sell it and buy some different rental units.