@Cheryll Ramirez well were being patient right now.. not much deals around I had a house yesterday that barely hit the MLS and it was sold within hours....

I knew something would happen to allow the sell of the house, I just had to be patient, and I was in no hurry anyway.Your case could also have a different situation that I can think of. 

Please correct me if Im wrong:Get a Hard Money Loan or Private Money for $160kGive the seller $90k to pay off his mortgage (seller finance the left over $110k with a ballon)Spend $60k in rehab and have $10k as reserves for safety netThen Refinance the property at $300K (Low end) Get $240k out, have additional $50k or so and rent out the propertyWhat are your thoughts?! 

Feel free to tag me in your next post if you have any questions.300K will get you a 2-3 family in a B/C neighborhood if you're patient up here right now.

We also need to upgrade the electrical panel as it is currently a fire/safety hazard.

That would be the safety margin for the usual  lease to own seller.

Letter must be from someone who is currently treating the patient, not off the internet. 

I'd just be patient and take this opportunity to network and increase your real estate knowledge.

You're perfectly positioned to build wealth -- as long as you're patient, it will come. 

You could be patient and if the wholesaler can't get it assigned because he didn't get the right price on the buy for a good wholesale deal, then you could reach out to the owner once that contract expires.