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)? 

Furthermore, if I look at this from a different perspective, we could assume I pay him a very generous cap rate (for South Bend) at 8% on the adjusted proforma and subtract the cost of rehab (50k) we would end up an offer which is highly unlikely to be accepted of ~110k.I am looking for feedback on a couple things here.Which method would you use to analyze this property?

@Kate Moreland  @Meghan Chomut Ledger refers to the old paper based method of keeping accounts on paper.

Little did I know, I did  pre-foreclosure sale.Anybody have experience doing this type of research and maybe a less time consuming method to "search" for these properties?

Unfortunately, most of the free methods don't give you reliable phone numbers.

What other methods have worked?

Trying to get our ducks in a row before purchasing using the BRRRR method.  

It may be a better idea to learn from someone else who focuses more heavily on the standard yellow letter, post card, and bandit sign methods.

But like you said, there are definitely cons to the method.

Would love to be someone in the field with a firm grasp on the game of flipping using the BRRR method to maximize my financial potential.