I need to shift now to having practice sessions in doing research and in watching auctions online.

If the market or a single buyer is offering you the above at a price that under values the property in whole then buy.

I am targeting homeowners with dilapidated homes that need repair and offering to pay for the rehab and split the profits with them at the end of the project after the sale of the home. 

Most of them have offers and are under contract.

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It is important to conduct comprehensive research beyond Zillow; you may want to hire a professional home inspector to evaluate the property's state and repair requirements, as this information will affect your offer.

I think trying to get her out (may have to offer incentive) is the number 1 goal, then move forward from their if that is not a possibility. 

Any thoughts on writing an LOI, or would you suggest an offer?  

I found the deal on realtor.com, my realtor, Steve helped me negotiate it after SEVERAL offers.

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