I have the biggest respect for anybody that can help me to get a step closer to my goal, any suggestion or idea will be very welcome. 

Howdy @Janice DelantesLet me try to answer your  initial question about the Asking price $48K versus the ARV $53K. 

Most conventional loans take 30-45 days, because of bureaucracy and legislated steps, see if they can move faster if you submit your docs ahead of time and just give them your current pay stubs when you are ready. 

If the property was a foreclosure or REO then when they accept a contract they consider it ratified, but technically the agent has to wait on the final initials for sometimes as long as two weeks.

And in general, friends, family, co-workers don't like if one of their peers takes a step above their present status and will try to pull the back down to the same level. 

Just based on what's written, I'd guess the seller accepted it initially and then when it went to the bank for review they countered. 

I think you need to check the DBA database in you state and the federal one so you are not stepping on anyone's toes, also check for copyrights to that name through the federal government, and lastly, I think that the new marketing for housing with be with words like nysinc....the millennials will love it.

The reason I ask is that if you sold the units you could potential afford the initial costs if you can obtain 80% LTV (but it would be tight).Sell units: $330K value - $30K (cost to sell including agent and prep) = $300K

Chalk this up to being one step closer to your dreams!

This is my first purely investment property.Here are the steps as I understand them from reading posts and listening to podcasts concerning buying a property with owner financing:1.