If an owner with equity files for bankruptcy (BK), can exempt their equity from the BK estate and gets a discharge of the mortgage debt, how (if at all) does that impact the ability to make a deal on the property before it goes to a sheriff's auction?

The owners then filed for BK protection (Ch. 7) and received a discharge in 2012.  

So the double wammy is no equity, first files foreclosure and the note is discharged in Chap 7.

We just had the meeting of creditors, and now I'm working on filing my complaint to not have my credit discharged.

Since you recorded the mortgage, it will come up on a title search just as a conventional mortgage would and you will just need a payoff letter and discharge drafted up for the refinance closing (your title company can help with that too).The only caveat is that most banks will want you to season the rental for 6-12 months before refinancing any amount above the initial loan.

You have to be full time for 3 years immediately proceeding your broker application, pass the 150 hour broker course, and the pass the state test.The full time experience requirement is waived if you are a veteran, who was honorably discharged.

The purchaser would not need to set-up a lease option with the original landlord/owner as they are no longer connected to the property (the college student owned it, sold it and discharged the mortgage to the original owner).If the option is not exercised and the college student has been making payments to the owner/landlord other than rent, then you have an instalment sale and the college student will have some amount of equitable interest in the property (whether title has transitioned or not).  

Firearm discharge, statistically, is higher in towns with a higher military concentration.

I was part of the deal until the BK discharged my tie to the existing loans so technically the llc's have my wife and I as the managers but the only member is the owner of the llc's is a scorp.  

If the loan was unsecured by bankruptcy the bankruptcy probably also discharged the debt.