We bought it 40-50k undervalue totally fixed it up and it is a great rental/place holder for whenever my husband get military orders back to Virginia beach.The simple answer is YES.

According to the seller's agent, those mortgage liens were satisfied more than 15 years ago and one of the lien holder might already be diseased.

If you want "clear title" then you would but I do Sub2 and AITDs often enough to know that they are easily possible if all parties agree.There is a deed recorded and the buyer does become the title holder in these transactions, too.

these types of deals end up with broken hearts and hurt feelings @J Scott  has very valid points.If I was putting the cash into the deal I would want to be on title so I have the right to sell and pay off the lien holders.. of course this can go fine and cumbya and all but it can also lead to a disaster and broken friend ships.the seasoning and flipping rules that J Scott mentions are one of your major stumbles to whoever advised you on at the double close scenario  un less the property is sold for cash.

The mortgage will be recorded as the private lender as the 1st lien holder. 

The IRA would be the lender/holder on the note and the beneficiary or mortgagee on deed of trust or mortgage.

Amongst the group is a diverse field of investors from large commercial developers to buy and holders to flippers.

I realize that an occupied foreclosure requires the buyer to evict the current occupants in order to obtain possession, so I am wondering if Cook County is better about evicting tenants when the property is foreclosed/sold than if the original landlord or lien holder is trying to evict the occupants. 

This means if the property or any portion of the ownership are sold the mortgage holder has the right to accelerate the mortgage and have the entire balance due immediately. 

The only way forward appears to be to get the lien holders to negotiate a much smaller payoff.