I guess is different to rehab to resell and rehab to rent..... thoughts?

Even then, you would have to look for other factors such as ability to resell it at 120 or what rent you could get.You're saying prices have fallen about 25%.

If you do end up closing on the property yourself before you resell it, do you need to have financing in place?

Yes i can cover the payments if needed to, and if they default ill turn around and just resell, gaining their equity and another down payment.

I am reselling the property for almost double what I paid and the buyer chose to use a different title company.The new title company recently contacted me and the title company I used to purchase to ask for proof that the full PA inheritance tax was paid and if not they need a letter of indemnity. 

I am planning on living in it and reselling it in 1 year or two

We plan to rehab the property and resell within 4-6 months. 

Currently my 4plex as a 99 year land lease started in 1977 should be worth around $250K but the individual units are reselling for $75K making mine worth $300K.My goal is to sell, place the cash in a 1031 Exchange account and then buy 3 to 4 condos in a high rise using private money loans with 30% down payment on a 30 year fixed amortization but a 5 to 7 year balloon.  

Once they close then they have an in-house agent that will list and resell the house after being painted and carpets replaced.  

Then, the decision on how much to spend on rehab can be decided on the market conditions for renting it out, vs re-selling.