Being head of the IRA department at my full time job, I know darn well that anyone can convert a Traditional to a Roth through your standard accounts at the bank.

I have 4 traditional mortgages and looking buy another multi-family or commercial investment property.  

Traditional lending you definitely want to get preapproved.

Most traditional banks will not finance a secondary FHA loan, you would have to go with a smaller portfolio lender, credit union or mortgage broker would be your best bet.  

Second choice would be #3 to rehab it if there is enough to save.2nd question - see what some similar properties have sold for of similar size and amenities and compare them to the price he is offering.  

Traditionally telling a seller they will receive all cash has just meant they will be getting all cash at the close of escrow, just cash, nothing else.

That way if your friend loves the house and wants to stay long term you can get your money out.I would recommend getting a price that works for traditional financing for your friend and using owner financing if the owner is a little more flexible - or lower but reasonable rate.

Dying wouldn't be my first choice either.  

Then I'd go on to explain everything that affected my offer price (i.e. failed septic, none of the work inspected, estimated rehab cost, steep dirt driveway, distance from home, etc.) and I'll give him the choice of whether or not he wants me to send it over.

is online banking a good choice ?