If I transfer to full time I will definitely start looking in adjacent counties for the sheriff sales to see if the markets are strong and minimal investor participation.

I can also manually screen new-to-town transfers from out of area.  

If you think you will go FHA, 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

Tom,We used Advanta and the transfer from Scottrade was totally seamless.  

Certified funds by wire transfer, due diligence in why he's wants to pay up front, good background checks...

Thanks to things like internet and google earth it is easy and even my buyers don't visit before much of the time.Starting with land is a great way to learn about real estate, transferring properties, building a portfolio, buyer's lists, etc.

You, via your PM, told him he could build it so I assume some of that liability transfers to you.  

Would the best method be for the LLC to take out the mortgage (if could find lendor even), or one of the partners take out in their own name and transfer to the LLC (if lendor allows)? 

These are all pretty straight forward and if you don't place yourself in a position of personal gain, then I appears you would be ok.Common Prohibited TransactionsCategories of Prohibited Transactions In general, the type of transactions that could fall under the prohibited transaction rules pursuant to Code Section 4975 can be viewed in the context of three unofficial categories: Direct Prohibited Transactions4975(c)(1)(A): The direct or indirect Sale, exchange, or leasing of property between an IRA and a “disqualified person” Ben leases an interest in a piece of property owned by his Self Directed IRA to his sonJen sells real estate owned by her Self-Directed IRA to her fatherTodd sells real estate he owns personally to his Self-Directed IRA Carl transfers property he owns personally to his Self-Directed IRA Mary Purchases real estate with her IRA funds and leases it to her mother Kevin uses his Self-Directed IRA funds to purchase an interest in an entity owned by his wife Peter Transfers property he owns personally subject to a mortgage to his Self-Directed IRA.

Possibly tracking substitution of trustee filings for when the lender transfers over to a default trustee?