Has anyone ever managed to pull off a purchase like this?

@Evan Bellingar have you ever tried it Evan ?

Buy without any preconceived expectations and operate your business as it evolves.

Beautiful, large, Edwardian homes, some built over 100 years ago and still as absolutely solid as ever.

Anyone ever hear of "iBuying"? 

I'm pretty far away but if I'm ever in town I'd love to meet up and hear more about how you aced it for the first time in a new market.  

So if you ever get glass tile installed make sure your installer has done glass before because it is very tricky!

One question that comes to mind --- did this property ever go through a judicial sale (whether a foreclosure or a tax sale)? 

And don't want to put in irrevocable trust as we may want to sell  in the future.....The only other option I have found is to put house in partnership (wife and I) LLC's name on the basis of this is our "office" and tool/equipment storage for other rentals in a separate LLC (weak if it ever goes to court?)

What ever you all it - mortgage, loan, etc. - its debt tied to the property.