If the deal is big enough you may consider doing a syndication - which is similar to the partnership structure mentioned above except you are raising money from people you may not know as well.

Here are some recommended resources (not paid for mentioning anything in this post:)Personal FinanceI strongly suggest learning as much as possible about personal finance (if you haven’t already) as I believe strong personal finances is the foundation for a strong real estate portfolio.

I've had what you mentioned happen just a couple months ago, and at various times in the past. 

Amongst the many liabilities mentioned (superior liens, unserved parties, etc.) there is also potential environmental liability as well.

@Marcus Brown  The four towns you've mentioned are where some of the lowest proces in eastern Mass are found. 

I appreciate you mentioning me @Jamin Solomon .

@Andrew Y.Great answers as usual from @Brian Eastman and @Dmitriy Fomichenko  You can do it in an IRA but as they mentioned UBIT will most likely be due if you make money whether it is done in a checkbook LLC or with  the Ira custodian. 

Like @Jay Hinrichs mentioned, there should be a due diligence in your state's contract.

Just listened to the BP Podcast with Matt Faircloth and Matt mentioned that banks don’t want to see anyone (or entity) behind them in second position.

There's deals that pop up here & there but for the most part I think it is over priced around here.You mentioned the seller has had it on & off the market several times so that must be for a reason.