Would it make sense to find a private lender, use hard money, or perhaps find a partner with cash? 

Oh, and this month we  are having a one of the owners/ lawyer of Common Wealth Trust Services speak about setting up Land Trusts to do your real estate investing.Have a blessed Day!

If they decline in value, you just poured all of your cash flow paying down the loans on the properties you cannot sell at a profit.Hope this makes sense!

If it's a common name also search the town or city or county with their name to see if you get different results.

it sounds like you have put the horse before the cart and my question is why would you sign a contract on something if you cannot purchase it that doesn't make sense

You mention the owner has paid $70k on the mortgage but that isn't a number that matters (since who knows what interest rate he's on or if he's made any extra payments), what matters is what the outstanding balance is on the mortgage and can you offer them a purchase price that is A) Fair to the owner, B) Helps them sell with some amount of equity and C) Gives you room that it financially makes sense.The numbers change based on if you want to flip it or rent it, making the question "does it make sense" different based on the direction you choose.In short, I have no idea how much I would offer...

I'm nervous as can be, but to me the deal makes more than sense.

The deal makes sense if I want to lease but it doesn't make sense financially to get a HML and flip.1. 

You could also use the BRRRR Calculator to see if this strategy would make sense.

We intend to continue to expand the business primarily with fix-and-flip properties. and adding rental properties as they make sense.