In commercial they look at your track record, personal net worth, and the performance of the property

If you get one and the borrower/buyer pays off the contract you better be able to convey title or they can sue you for the whole contract plus damages for lack of performance.

If it is 100% vacant, there's a high probably it has been red tagged or deemed uninhabitable by the government agents and will require extensive and scrutinizing rehab under their very particular and money extorting eyes.

I have the cash and I have the ability to perform any type of construction whether it be new construction or quick flips, but now I am struggling with finding the GOOD DEALS.

This answer typically stems from a view point of how good of a deal did you purchase, but what I am looking more for is what do you think is the most hands off, but best performing assets in your real estate portfolio.The apartment units I do have perform well, but I would consider them very high on the maintenance list and constant interaction with renters.  

Check the actual operation performance of the property like:It's already tenants ooccupied?

Buckle down and ride the wave of the property is not performing as desired.

I wouldn't dream of asking $35K for this 1987 but, after some fixing, I don't think it would be too far stretched to ask $20-$22K for it. 

He owns free and clear, just last year performed major rehab and updated the house.

Make a lower offer subject to a reserve public auction, offer the seller a 10% hybrid (10% of anything you get over what you offered), make full disclosures, get right of possession (so you can clean the house up and show it to prospective buyers), build in an extension in the event you need more time and use banking days for settlement.