I don't have much experience with title searches.

You could potentially use a UCC1, but I wouldn't do it without title insurance and a title report or things could appear on the title of the property with a UCC1 filing.  

Usually with an HML, the money is given directly to the title company and rehab funds function on a draw.

I contacted the title company and they assured me they transferred the title with the county and they indicated that everything would be straightened out ASAP !....

@Riley GilsonI've had some success at the Sheriff's auction but beware of the status of the deed (do a title search) and who is foreclosing.  

In then informed him I had been given the clear to close by the Title company because they had the necessary documents from the court given his sellers approval and that I would be at the closing table on Friday morning to perform on my end of the deal.

Sit down with you insurance agent and go over everything in detail to make sure you're covered.  

Liability policy" makes me think of insurance - is this what you're talking about?

When evaluating cap rates I'm taking out taxes, insurance, 8% vacancy, 10% repairs, 8% cap ex, and 10% property management fees; however, if I lower all of those percentages then my cap rate is higher - is everyone using lower percentages and that's how they're finding cap rates of 10%, or am I truly looking at a lot of overpriced MLS properties?

The plan is, I will be on title as an owner (20%) and we'll have a buyout agreement in place prior to close.