I'm an engineer by profession so like to get into the weeds when my money is involved.Seems a deed of trust does exactly what it's name implies ... in exchange for a loan, the property owner deeds (conveys) legal (not equitable) title to a trust, giving the trustee specific powers, namely, the power of sale if default, and power to (re)convey when debt is satisfied, and probably other powers. 

I went with him to his lawyers office who helped him with the bankruptcy and he said that my neighbor has until the sheriffs sale to sell the home or move out, implying to me that he could still sell the home.We tried finding out who serviced the loan and who owned the loan through our county records department and even they said that the chain of custody of the loan was unclear and unfinished, likely due to the fact that the title company, servicer, and mortgage company that owned the loan all went bankrupt within the last 10 years.

I am a bit of a pessimist so if I can't do all those things I want to fall back and make sure the deal is a home run doing it this way. the broker is giving me his bridge option too and he suggested I do what you implied on putting some repairs into the loan(roof) and financing that witht he loan amount.

Ask who the trainer(s) will be. 

the gurus are not lenders they are trainers..

I never question their bills and I send payment the day I get the bill.My point about "hard to find good help" was actually the opposite of what you implied.

These "party houses" that were renting illegally on AirBnB drew lots of attention from the neighbors and have caused loads of problems.The fact that you mention this house can accommodate 12+ people implies that you are looking to fill that "12 person, higher nightly rate" space.

@Michael Lee I read that statement 3 times from Cardone's book and I still don't understand what he is implying. 

"Judgment" implies that the property you are looking at is in a state that does judicial foreclosures?

A good feel/fit for the broker and trainer is important, however, don't look to be too warm and fuzzy--you need to find someone that can teach you, challenge you, help keep you motivated and goal oriented.