If you assumed the mortgage there would be an approval process with that mortgage lender to get your name on the mortgage documents and then you would get the tax benefits. 

Yes, same process as transferring ownership to an LLC.5.

If you don't feel comfortable, hire them to handle it for you.I would post notice and start the eviction process.

I like to build and wanted to learn the process from permits to completion.

If they told their cpa “we sold it to our LLC” that is different than “we transferred it to our LLC”We don’t know what they told their cpaIt appears their cpa considered it a sale for tax purposes and not a transfer and thus that is how they processed it.I am not a cpa but asked this question way back when at a time I considered putting property in a LLC.

@Nathan Harden what was your process in starting an LLC?

I am in process of finding for my first rental property investment in Metro Detroit area. 

if it's already gone to auction, it might be too late. it's a complicated process to try to get the bank to back out of that. and as the other commenter said, all owners have to be totally on board with your plan. not only are most sellers not down for creative financing, but those being foreclosed on are typically even less cooperative (i realize that makes no sense, just how it is), and divorced couples even LESS. i think you're putting the cart before the horse here in looking for a TC. for future deals, you can find a TC in pace morby's fb group. 

I am in the process up updating kitchens/bathrooms in each unit and it will hit the 1% after that is complete. 

Please reach out, happy to connect since I'm currently in the process of trying to break into the commercial investment sales vertical.