No bank approval needed.

You could wait 10 months for the short sale approval and if values have risen 8% during that time, you're likely going to pay considerably more for the home than initially agreed upon, if you still qualify..  

The quitclaim deeds erroneously indicate that the heirs received unbiased counsel regarding their options (but sheer ignorance may account for their approving that statement).  

I got an pre-approved letter from a lender for the amount now I am on to my next step of finding the prefect home to start.

That requires a Board of Zoning meeting and approval.

Once we get a cash out approval we will be looking into prequalifying to make an offerHope I wrote this ok.

I know in many areas that have laws about this, if you have attempted to get your landlord to fix a problem and they do not within a reasonable time-frame, you are legally allowed to pay someone to come and fix it and then deduct the cost from the rent.

Opportunity I'm looking at is a building that has been approved for multifamily conversion.

I know I need to establish a legal contract to use when gaining a deal to wholesale.

Getting building approval will be your greatest hurdle.