Texas American Title--Patton Law firmPost oak title --Galleria location--will do a double close without transactional funding.

The same way you would with a cash transaction. 

While this would be quite beneficial, I wanted to make sure that I consider all legal/tax implications before proceeding.I would like to ask advice from anyone on the forum who has either dealt with foreign private money, or is familiar of the legal/tax side of such transactions.

The property was probably foreclosed or otherwise transferred to a bank or government department and they don't want the liability of guaranteeing the title is clear.I don't know jack about how to deal with potential title problems, but there's guys on BP who know this stuff inside out.

Same with getting NAR designations like the MCNE, ABR, etc.Listing agents gain the confidence that you know what you are doing and won't have issues closing the transaction.

In Ohio you will most likely need your RE License if you plan to make a profit from a real estate transaction.

As to if the claims department of the insurance company would pay that claim, well that depends of the wording of their coverage, what the included perils are and what the exclusions are?

It was going to take an unknown amount of time for my deal to go through multiple reviews from various departments from various entities.  

I earned an option fee at the initiation of the transaction.

Likewise, if a potential lender does not trust a potential borrower they should not waste their time proceeding toward a transaction.