In other words, a commercial line of credit on the whole value of the property.I've got my eye on a 12-unit complex for sale for just under $500K. 

But on a preforeclosure whole sale, who takes care of the existing mortgage loan?

Are banks open to short sales and if so what are the typical LTV’s today?

@Jehd Jones, another thing to consider is if there is any chance you will sale this property in the next 5 years. 

Provided you owned the property at least two of the five years prior to sale AND occupied the property as your primary residence at least two of the five years prior to sale, all of your sale profit up to $250K per taxpayer can be excluded from capital gains taxes.  

These numbers are comparing Q3 2018 to Q3 2017:Median Sales Price,  $385,000, up 4.5%Average Sales Price, $453,957, up 3.0%% of Original Price Received: 97.7%, no changeHomes for Sale, 1,662, down 11.7%Homes Sold, 1,867, down 1.7%Months Supply, 3.2, down 12.7%Days on Market, 47, down 11.0%So the quick analysis of Plymouth County is that it is still a strong seller's market (3.2 months supply). 

September home sales down 3.8% and Apartment and Industry investors stocks rise.This is another incentive for SFH's to maximize cash flow and not count on appreciation as your payday.

Nearly all loans (VA and I believe FHA don't) have a due on sale clause that says that if the title changes, the balance is due on the note.

Be aware that if you have a mortgage on the property, the transfer to an LLC may trigger the due on sale clause (that could be avoided using a land trust).

Pittsburgh is very nuanced, lots of the neighborhoods are street by street and there is a lot of gentrification underway in various different areas which seem to run in 20 year cycles as far as I can tell.