If you have $50k to invest then you will probably be looking at properties in the mid-to-high $100s (assuming you're putting 20% down + closing costs and a little cushion).

Seller would need to bring $65-$70,000 to closing to help you buy the house. 

Build a team of professionals to work with pursuing mutually beneficial goals (Agents, Contractors, Property Managers, Lenders)I look forward to meeting more members here and learning more about RE investing in the area.

In my opinion, the most effective approach is to close on the property and take title.

I look forward to connecting and growing relationships with hungry like-minded agents/investors that can give wisdom.

Thanks to both of you guys.I'm planning this sale as a cash deal, so no real estate agents and the buyer has several other duplexes in the Peoria area (3 of them within two blocks of this house).

Depending on how long they are giving you to close - you may be able to go the hard money route.

So you really need a robust strategy.Most states only publish the registered agent for LLC's and have a paywall to find out actual ownership. 

Hey Ruben, shooting you a DM now, I am an agent in Cincinnati and Northern Ky, primarily working with investors

True off market take work or a good agent.