It was listed at $50,000 and he has reduced it to $35,000.  

In your search for a "great deal" in combination with your willingness to house hack, you are provided a luxury that many aren't, and that luxury is that your "great deal" could simply be a reduced mortgage payment in comparison to rental rates.  

How can I reduce the amount of time it takes to find a good property to flip?

Help people make wise decisions in regards to their real estate purchases and keep it as stress-free as possible for your clients; that alone will separate you from the pack.

anything you pay above the monthly mortgage payment goes directly towards reducing your principal balance (the amount left on the mortgage).Even if you have cruddy credit, you can apply for a mortgage, you'll just get a high interest rate. 

And you'll be splitting hairs for a whole lot more stress, less control, more risk overall.Why not take ownership of this first opportunity and go about it on your own?  

This is commercial, lease payments or earnest money can reduce the sale price, it is not subject to Dodd Frank and the end loan is seller financed, no issue with allocating rents toward the purchase price in THIS transaction.I wouldn't mess with an option for less than a year, I'd go straight to the purchase contract with possession prior to closing under a master lease .

It is an investment that can't be used to reduce your income. 

It stands to reason that if you can reduce your soft costs, you could probably go over the 70% rule a little bit.

Knowing these things will help you adjust to the price and see if you can potentially reduce the expense.