I personally would go commercial at a local bank because they underwrite the asset and it's income, not your ability to make payments.

We are looking for a local bank that serves Hobart Indiana and does cash out financing so that we can get 80% of the ARV out.

I wouldn't go to the bank on that strategy (Literally).

Few days ago I came across bank owned house with price tag of $300k.

The one question that keeps lingering in the back of my mind I have not been able to find anyone to discuss or explain this yet.

If there is a large discrepancy between the adjuster's estimate and the restoration company's, the independent company will help explain why each step is necessary and work with the adjuster. 

Thanks for the answer, what about a short sale, would the bank consider a cash offer (from a realtor) prior to a sherrif sale scheduled 60 days out?

You can also refinance your VA loan with another bank and replenish the 450k limit that you get (depending on your location the amount can go up).

I now am in the management consulting field and I am primarily working with banks on ensuring their compliance with lending regulations and internal controls.

I cane across a motivated seller and he was so concerned about selling me the property because he kept wondering what was in it for me since I'm not a realtor but he was kinda delusional because I explained to him what i did multiple times but these kinds of experiences and things that we're gonna have to deal with as wholesaler so you'll be find.