Essentially what an agent is doing would be a Net listing.

Can I pay for the service outside of my SDIRA so I can use that service for both my SDIRA and my other note or do I essentially have to have and pay for two CRMs in order to be compliant with SDIRA rules? 

It's not the end of the world.Postpone the sale, and have your title company, realty lawyer or yourself - speak to the local council to see what can be done to get rid of the lien.My lawyer has run into it a few times, and the county have worked with them to remove the lien, and many times they have - for the simple reason that a new buyer of the property will take care of it and sort out all it's issues - which essentially is what the county wants.Otherwise, the liens continue to rachet up, will never get paid anyway, and whoever owns the property simply abandons it, which is an expense not only to the county when they eventually condemn it (and remove it), but also a property they recieve precisely $0 each year in property tax once the owner has done a runner.It'll take a bit of time to sort out, hence postponing closing.

My two questions are, first, assuming I get this deal done, I am essentially "taking over their loan" which will still be in the owners name, correct?

This is not true for all funds as some sponsor raise numerous funds so it essentially ends up being the same thing.3) Reinvestment risk -  This does not seem like such a big deal right now because the industry is nascent but I think it will be.

Yes, I was forced into it, but I was essentially seeing the future and would have eventually made the move. 

The main reason is because most small to mid-size CPA firms are essentially tax firms and do not do audits. 

If my landlord required that I purchase renter's insurance and I knew that I'd be "reimbursed" for it so it essentially was no cost to me, I'd take that deal... 

I would essentially converting personal date to commercial date and then using the freed up personal date to get another property. 

Essentially I am paying $200/month to the investor + $225 HOA + Taxes.