The problem if you quit claim the property from you to the LLC you may trigger the "due on sale" clause of the mortgage.

If you've educated yourself and the numbers make sense, pull the trigger before someone beats you to the deal.  

If you do pull the trigger, I would float the rate until closing and keep a pulse on the 10yr note.

He will tell you, INTER ALIA, that you want inspection, financing, attorney review, title review, insurance, environmental, and survey review.Second, get a GOOD home inspector lined up.Third, get your banker lined up.THEN you can start looking.Also, keep in mind that backing out of a contract must relate to the contingency being used, and can only be triggered AFTER a good faith effort comply with/fulfill the contingency.

At a minimum, it needs to stay dry, which means getting any standing water out (sump pump and french drain), ventilation (moving air will dry out excess humidity), and a vapor barrier over the soil.

Lots of syndicators raise all sorts of capital from Docs just to push all the risk onto them and leave them high and dry.

Not sure who is in 1st position but maybe catch up the payments and deed in lieu of foreclosure and wrap it hoping it doesn't trigger due on sale then sell it on market.

So I pulled the trigger

I believe once that dries up (if ever) then agencies will have to change their business model and offer different options.As a niche product it may make sense.

@Stetson Oates, Thanks, and you are right, market conditions would limit how much of the initial funds one would be able to withdraw.I should also add that, while I am not an accountant or tax professional, it appears that at no time in the strategy above would one trigger a taxable event, since you're not selling any stocks or property.