I doubt many conservative Canadian banks are lining up to lend on properties with foundation issues and that may be why the buyers financing fell through.I am a cash buyer, so getting financing is not an issue. 

This issue seems like the owners cant resolve quickly , also found out they are having misfortune on their end at their primary residence.I know advice and suggestions of "don't do it" will pour out from you, and I appreciated it.

@Chris Grenier, I'm curious what are some of the specific issues or reasons with condo hotels in the Orlando area that you are recommending against.

If there aren't major structural issues with the rehab, then it looks to me like you've got a winner on paper.

Is there a way to validate info like back taxes, liens, other issues that may be attached to the property that would prevent me from taking over?

Supply demand can be a local issue.

My main goal is to become a buy & hold investor, to start accumulating properties slowly and surely (in a pace of 1-2 doors every 1-2 years) until I have enough passive income to live my life by my own standards.

Going with hard money or a similar setup could get you in the game much quicker and avoid the problem of having too many chefs in the kitchen (Which is a legitimate issue). 

I've made several posts in the past where I was looking and making attempts to purchase my first property that fell through due to issues found during inspections or not being able to come to terms I was happy with...The last one I found actually worked out and I closed on it a month ago.

@Jesse HargroveThe transaction itself - issuing a note (secured or unsecured) to a business - is absolutely something an IRA can do.The question would be who the borrower is.