A Newbie from Cedar Rapids, IA who needs BP help!!

[Tristan Neumann]

Hello BP, 

I am a new investor from Cedar Rapids, IA looking for some BP help/advice on a deal that I am interested in. When I say newbie I mean I have done tons of reading/research and am ready to pull the trigger. That said there is the issue of funds, I am at the moment unable to show my commission from my full time job as income (until taxes for 2015 are complete), and between a new baby, the purchase of my own home, upcoming wedding and 3 moves in the last 3 years my savings is to say the least taken a hit, which is why I am coming to BP for help, this is after all the home for "Buying with no or low money down"! 

Well now that everyone knows the why, here is the what. I am looking at a house in my neighborhood that is currently owned by an out of state wholesale company that buys bulk REO properties and re-sells them. This property is currently not listed on the MLS but the asking price is $69,900 (per the owners site and signs in the yard). I will list the info I know below and would appreciate any feedback on whether or not I am on the right track.

Asking price: $69,900

Owner purchase price: $49,900 (they closed in the middle of December on the property) 

Estimated Rehab: $10-15,000- total rehab of small bathroom, new roof, new interior doors, carpet in 3 BR's, new windows and new siding. 

ARV: Low end $110,000, high end $125,000

I believe this could be easily picked up for $60,000 and if I was all in for $80,000 with rehab and holding I would stand to make a minimum of 30K. 

If anyone has any suggestions or if I am not on the right track, I would appreciate any feedback I can get. Also, as previously mentioned I currently cannot get nor do I really want traditional lending at the moment so if anyone has any ideas/suggestions on how to acquire this property I am all ears. 

Thanks in advance to everyone on BP for their time!!