In addition, locate the other wholesalers in town so you're getting deals from as many sources as possible.

If I reduce my expenses and live frugally I can cut down how much rental income I need. 

You could offer to repair the property for an additional cost, this has worked several times for me.

In addition the bank could take forever to get an acceptance and the interest rates might have changed by then affecting the price you can pay etc.It helps waiting sometimes if market value is rising and you have a set price but if the market is going flat and interest rates rise or market prices go down it can be a negative.No legal advice. 

The county said 2-4 units were no problem but 6 would require additional approvals.

Good luckEDIT: In addition to all of that, make sure it's still a good deal for you in the end.

Comparable properties range between $260K - $280K.Why I want to buy:Save on rent as the mortgage will be cheaperFix the house and flip it while living in, holding it for 1-2 years for appreciationI would like to offer a low price on the property (reduce 25K+ off retail) since I plan to buy it as is, and upgrade everything in it since everything is from original 1990's construction. 

Non-recourse loans required by your IRA tend to be higher in current interest rates in the 5's versus the 4's so often investors do not like the cash on cash returns with the reduced spreads.If you can buy a larger property with the IRA then you get into lenders who have better non-recourse rates but those start about 1.5 million and up.

If you don't want to borrow anything additional, you would be doing a rate and term refinance.  

In addition there are elderly people in need of assistance by way of assisted living.Is it possible to approach a land developer (apartment or assisted living/health care) about entering into a 100 lease agreement whereby I make the land available under a lease but they develop the property, manage it, and maintain the operation?