My thought process is that Sibling #1 and I get an investment loan/mortgage and buy the house for 200k + closing costs from Sibling #1 & #2 (Sibling #1 is on both sides of the transaction).

I know in regular real estate transaction we include Transfer Disclosure Statements (TDS) and Natural Hazard Disclosures and Lead paint disclosures. 

I suppose it is doable but probably not cost effective.

I am a former real estate agent (worked for three years for a large team in D.C. as a buyers agent and went through 30+ transactions) and a current real estate investor in multifamily properties throughout VA.

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Would you recommend transactional funding, double closing, etc.

The transaction needs to be arms length so it needs to be listed in the MLS.  

So many new investors are only looking for "off market" and wholesale deals- the fact of the matter is that 95% of the residential real estate transactions occur through the MLS, and contrary to popular belief, you can find deals there.

I will not be submitting any offers or any actual real estate transactions. 

They certainly saw the rip in the screen, the holes in the walls during their inspection.Our lease has a clause to the effect that the tenant has inspected the property and is accepting it 'as is', EXCEPT for items that could not be observed during inspection, for example, water was off, so tenant could not see the faucet drip.