Is it possible to have a property gifted or quit claimed from a family member, appraised and seek out a mortgage towards a portion of the value of the home?

,The police report will be needed to file a claim with your insurance.

He also claims he's a realtor and that he knows the house is not going to take more than 2k for repairs or cosmetics.

You sign a quit claim deed to undo the deal if you don't perform.  

Right now, I'm going to try having her mortgage company transfer the mortgage into my name, while having her do a quit claim deed to put the property in my name as well.  

You want to control everything, own nothing.As you noted, transfer of title will not protect you against financial situations.As to the question asked in the title of your post, quit claim deeds are used everyday for many reasons.

Hello, I need to transfer few properties in Wayne County,MI from my friend name to my LLC. Both of us are in Canada in different cities. Is there a way to do it without visiting Michigan since I see on the website the...

I'd prefer not to quit claim the property into my own name.Thanks,Will

Yes, the easiest way would be to do a "quit claim deed" after you close and add your friend/partner's name on the title and open a joint bank account. 

Through this discussion , I look to hone in on the misleading statements or claims that seem to wreck deals.