But it was not done traditionally.  

Your 401k can be converted into self-directed retirement plan giving you the control over the investment choices.

If flying over is not an option for you,, I think you have no choice but to wait the 6 months out and get yourself ready with all the peripherals - solidify your plan of action and market,  reach out to potential partners and suppliers, research financing options, insurance, management etc etc- so when you do finally get there- you can hit the ground running.The other option that I am now  getting more involved in slowly - is online  crowdfunding - A lot less hands on- but far more doable long distance.All the best

The seller has significant equity in each property and is offering to carry a second (presumably a portion of the down payment).My question, forgetting about the potential seller carry back for a second, is how will a traditional lender (likely portfolio) look at the forgivable NSP mortgage?  

@Cameron PriceAs others have mentioned, the Solo 401k will likely serve your needs better than an IRA (whether just a custodial self directed IRA or an IRA LLC).To setup a Solo 401k, you'll complete an application with the provider of your choice so they can get the information they need to create the plan and trust documents for you.

Syndicator put the deal together end-to-end (finds deal, negotiates, closes, sets up LLC, works with lawyers/banks/accountants/management companies, etc)I have a good relationship with the sponsor and am simply looking for an opinion as this doesn't seem to fit your traditional syndicated deal structure.Thanks!!

Welcome @Michael GreeneAwesome place to move, great choice! 

My question is:What are the benefits/drawbacks of selling to the HRA vs selling it via traditional routes?

They have cash, you can assign your contract to them, and they can complete the deal within your 30 day closing you set-up with the seller.You can work with people who will use traditional financing and be owner occupants, that is called wholetailing.

If the seller of a pre-foreclosure has enough equity to do a traditional sale, then the bank doesn't have to approve the sale and the contract could be assigned.