There are some pitfalls to keep in mind if that's the route you go with at first, like the premium you're paying for the ideal scenario of lower costs and a solid tenant along with a building in, typically, outstanding shape for the area. 

@Ducote KiernanAn LLC is just an entity that holds the property.You have the right to pay off the mortgage or to take a distribution.You are taxed as the LLC earns the income; not necessarily when the LLC makes a distribution to yourself.Paying off the mortgage results in less of an outstanding balance and a decrease in deductible mortgage interest which can increase your income.

When the lender approves a short sale, the sale proceeds are insufficient to pay off the outstanding loan balance.

In a wholesale contract it says:PRORATIONS:Real property taxes will be prorated based on the current year’s tax without allowance for discounts, including homestead or other exemptions.Rents will be current and be prorated as of the date title transfers.Does this mean the seller is responsible for any outstanding balance on the property before the closing date?

The main goal is to reduce the number of bills that you want to keep track of and reduce the total interest rate on your outstanding obligations. http://www.vantageacceptance.com/credit-card-debt-consolidation/

There is 76K of outstanding mortgage debt and the market value is 46K.

So the Title search would basically remove all concerns about outstanding debts / liens / loans guaranteed on the property....And an easement would have to be filed somewhere on paper.

It might help to wait until your 2014 taxes are filed to show a good year, but I understand that it is uncomfortable having huge amounts outstanding on a credit card, even if it is free interest. 

I have been running into for the past year homes I find vacant/abandoned, know home is a good rehab project, find out who the owner is (assessors site) plus viewed treasurer site to see who is "paying" the taxes currently and after all that work to the point I actually find this owner is, the owner tells me he/she "let the home go into default" or just walked away from the home with a outstanding balance owed to the lender. 

Try to offer the Home Owner "Cash for Keys", and use a Sale subject to the outstanding Mortgage if it is not to high to profit on the deal