I had already found a new one (thanks to BP), but had not yet signed a contract, since they wanted a termination agreement severing my ties with the first one before accepting me as a client.  

You are not a licensed servicer so you can not manage, accept or work with a borrower's payments to the mortgagee.  

@Chris GatesI have found having a license is quite beneficial, but since you're not a broker you will want to confirm that whomever sponsors you is understanding and accepting of your desire to be an investor.

If she is interested in disposing of the property and she accepts my offer am I still in danger of a contest?

I have saved $30,000 dollars and have no debts accept for $19,500 student loans that I don't have to start paying off until December with a 4.5% interest rate ($220/month).

Because I'm sure in the current market and my location that the banks won't accept the price at 70%-repair price.

If he/she can't accept you wholesaling, and you're committed to it, then perhaps you might want to consider switching to a broker which is OK w/ it.

You need to get you funding letter that says you have the funds to buy, several Realtors will also ring up your lender to find out how strong it is before they accept an offer now its that competitive. 

Investors may want to see if their tax professional is an IRS acceptance agent which can greatly expedite the ITIN process.

They also wanted us to pay their closing costs and cover a 1yr home warranty, which was supposed to tally at $4500.They were also very aggressive on wanting us to accept literally within an hour or two, as my agent didn't call us until later that evening, or the deal would be off.