If any member of an LLC is another company or corporation (there's a difference), then S-corp is not an option.Now, allow me to reframe your position and tell me if this is correct: one entity to hold property and another entity to run business operations.If that sounds like what you were thinking, that is a common strategy. 

I generally have good tenants and take care of them.I'm intrigued by a blanket loan/mortgage.  

So you must vet them carefully as well. 

MOST tenants will not take care of the carpeting in a rental as they might if they owned the house/unit.2. 

Once it is established that real estate is Abandoned as a matter of law, -there can be no trespass because no one is claiming an interest that can be trespassed against.While trespass against the owner of record could be part of an Adverse Possession claim (as in fence line disputes) where the owner had no intent to abandon his/her interest in their Real Property.

I believe it tends to give me a slightly lower return, because the sponsor is going to be more careful, and if there is a severe downturn will prevent me from taking catastrophic losses.

Be careful daisy-chaining your properties together financially with HELOCs because if a downturn in the market occurs, your property investments will fall like dominos.

If you decide to take the property out of an IRA at a later time via “in-kind distribution” then it would become your personal property and you are free to do with it anything you wish. 

And typically, once a bank gets notice of an offer and receives a sellers short sale package (an application some would say) this will usually delay the foreclosure date..  

Something seems shady here even beyond the apparent impersonation of an attorney, particularly since the heirs could have immediately sold the home even 10 years ago for much more than they got for quitclaiming.