2) What are my options in terms of transferring the title / ownership of the property?

I know it can be a risky investment with the inability to acquire title insurance and all... what other risk factors have any of you come across?

I've done the math in the past, and generally it plays out such that going FHA is mathematically identical to having a normal 30YF at 80% LTV, and a hard money 2nd position loan at an interest rate north of 10% for 16.5% LTV (CLTV 96.5%, which most FHA loans are).

There are hurdles such as seasoning and regulations about how title is transferred.  

Should I title these properties in my new living trust?

There is a property I am interested in, and it will be auctioned at the courthouse next tuesday, so I order a title search.It shows only 1 lien for $amount (I don’t know the current balance of the debt), originally taken out by Barack Obama and later the loan was assumed by Donald Trump when he bought the house from Obama.

In the situation where the parents are exchanging into a TIC in the replacement property, this seems to be a different situation since it's actually the parents LLC which is taking title to real property via the TIC, so if an heir was to invest in the property as an LP I feel the IRS may view this differently but am not sure.

Lawyer, title search, transfer, etc??   

We feel comfortable enough to tackle it but we know some buyers are not comfortable with just going with a lawyer and title company.We will do our best to stage it and plan to list on Zillow.

It turned out, after during a bit more research, that the title actually includes three lots.