Essentially your LLC has become the bank/hard money lender/etc.

It's been 2 years now since owner passed away so I would have assumed bank would have foreclosed on it by now but county records still show the deceased man as the owner and the tax bill is still being mailed to the house in the owners name.

Later we got financing with a local bank.

In a recent webinar Brandon Turner said that most banks won't let you buy single family home rentals under and LLC.

Ben Russell Coleman Bank Abilene Banking Center is amazing.

Need some advise on whether or not to buy this bank owned property.

Lets say that the numbers were added up before hand with what the loan might look like and the person had a bank account that could cover 6 months of payments of what the bank would probably ask for the loan saved up. would that improve their chances with a low income? 

The interest money not paid is yours, not the banks.

Do I need the cash in my bank account on auction day? 

Then the rehabber holds the draw schedule money for repairs in their bank account (or an escrow account).