The seller owes $200k on it and the bank agreed to let them list it as a short sale.

I will be explaining what these mean, and how they maximize your chances of landing a property in a future post.Sold StageThe last part of the bidding cycle is the sold stage.

The bank underwriter just needs to be able to justify such a huge increase in the purchase/sale price.

(I am okay with that in this particular instance as the property is REO and wholesaling with banks is not my niche quite yet).

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. 

My realtor has been so helpful and also explained to me that I should never except that