Hopefully this question is not too personal, but you put it in your post.

The IRS also allows deductions from interest paid on student loans, business interest, and personal interest, and qualified residence indebtedness.

This is a vital advantage of this ownership type.Withholding taxes: A foreign person’s U.S. real property interest disposition is subject to income tax withholding under FIRPTA.

The person with a chatbox is a new srtudent.

I personally wouldn't do this with the current state of the market unless you are doing value-add.

@Mike Hern Hi Mike thank you for getting back to me. i did ask the person (a realtor who was at the auction who told me about that stuff after i had placed my bid) who ran the title search but they just wanted to make money it seemed cus when i went to ask them they said they dont know how to read it lol or tell me if i bid on a 1st loan or 2nd loan which was i even asked for it from her. how else can i know or should i run a title again thru a lawyer or title insurance company ?

They have to have a great personality and be willing to completely let go of any control of the project.

I do like to do it that way for a couple of reasons, your name appears as an Insured and the true owner is not the primary insured.As far as the cost difference, in our area I have found that, for the good properties, the personal policies (dwelling fire) can be cheaper. 

You can afford the personalized training AND still have money to buy a property with3.

I have purchased several properties in other states without seeing them in person.