Great fixer up opportunity or to start generating cash flow as it is currently vacant. 

They currently have a conventional mortgage at about $800 a month (3.25%).

I am currently in this situation what is the best solution?

,I’m currently in the process of buying a house in Kansas City, MO, and I need your help.

Property is currently under contract with a wholesaler for $185,000.

Currently just have an agent I found through BP and a lender in that area that I've been bouncing most of my questions off of.

I’m fine with this, for now, as a long-term investor.I don’t believe our current situation would enable us to qualify as Real Estate Professionals, which would result in massive deductions.

Speaking of networking, I'm currently looking for an attorney & CPA to help with a proper corporate structure for my current situation and plans.

I currently own a property in Kansas City, Missouri.

Yes you can sell it, you will need to record the land contract with the county to show your equitable interest and make sure in the land contract it gives the ability to sell the property for more than the loan amount and the current owner will oblige to execute the documents as part of receiving the money.