I would do a JV with with the seller, buy it all cash at say $400K (slight discount of all owned) pay the Realtor 6% of $575 but no money until house resells.  

A few thoughts:-  If you can get the property for $82K, put $25K into it, having fixed costs of $25K and can resell it for $155K, then yes, your profit will be in the $23K range.-  For a property in this resale range, I think $25K fixed costs is a good, conservative number.

As long as I can spend some amount of money on rehab and then resell the property for an amount where I can still make a nice profit, I don't care if my original purchase price as below market value, at market value or above market value.  

The bank released an addendum that states we cannot re-sell the property within 90 days at the close of escrow.

As often as not I close a wholesale  transaction before I resell it.

My investor likes those numbers as he wants to either resell or do purchase and do owner financing on it.

So you can assign or resell (sublet with the lease and re-option with the option) either of them.Therefore, you have multiple ways to structure this depending on how long you want to be involved and how much associated risk you are willing to take.With the lease, you can assign it for a fee and be done or you can sublet it where you are still on the hook for the terms of the lease, but can receive the difference in rents for the entire term.With the option, you can sell (assign) the option and be done or you can option your option understanding that performance will require a double close.  

From what I know of them they do roughly what your friend seems to be doing, buy low, rehab, and then resell and in many cases manage for the investor. 

This theory sounds good on paper but I know very few people to actually do this with success [except @Brandon Turner ].To complicate matters further, you are looking at an attached double, which are rare here in Indianapolis, that is zoned as two separate properties.As mentioned earlier, this defeats the "benefits" of having two doors under one roof/deed.In addition, this type of property is tough to resell in the future as well.I'd suggest passing on this one and whole concept - IMHO.  

They don't resell loans either.