Here is the deal, we sent out direct mail and got a ton of leads, this is one.House: Duplex 3 bedrooms 1 bathroom downstairs/1 bedroom 1 bathroom upstairs, 2 stall detached garage, owner states not a lot of repairs needed (maybe $2,000 total)Current Rent: $1,225 totalHouse assessed at $96,000Current owner owes $52,000Wholesale offer (from our formula that would make sense for us to buy it wholesale): $53,000 cash - owner declined (too low)If we keep it to rent out do we get a hard or private money loan to purchase for a higher cash offer (we think he would take $70,000) and then take it to the bank after a certain amount of time to get a conventional loan because we will have almost 30% equity in it when we buy it?

Based upon my experience, a buyer in a similar circumstance as you will be signing an extension and closing whenever the bank is ready. 

Seeing that your profession is titled as a "lender" I am not sure if you meant you were going to work for a bank or meant you wanted to get a real estate license here.

@Libby Tucker you should contact the bank holding the mortgage and tell them what you want to do, i.e. transferring the property to the LLC.  

If you have a track record of doing this, the banks or other investors would have no problem supporting you with money. 

I talked to a bank today and they are saying I would need 3 loans to purchase them and with that would come the costs of 3 loans (which I would prefer not to pay).   

I'm finally in a situation in which I've been able to work with a small bank to do portfolio loans bit was recommended to create a LLC prior to doing.

@David @David Oldenburg will be hosting it! 

@Tom A. hosts one.

In my opinion, I would stretch out your available cash by utilizing hard money or private lenders for the purchase and rehab, then turn to the bank for term debt.