Unless Dad transferred ownership before passing, the heirs (who might not be who you think they are) will have to get a license to sell from the probate court.I recently helped a buyer with a property that they really wanted. 

That said, should I open a business bank account in my own name as a sole proprietor or create a DBA to protect my SSN? 

If I price it according the cap rate method, I come up with 122000 Bank's highest bid is 70000I intend to BRRR this property, but not certain if I'm looking at a deal.  72000 purchase price (foreclosures in this area that sell to 3rd parties typically go for approxmately assessed value)Repairs 25000Buying cost: 500evictions/cash for keys: 1500Initial cash outlays: 99000Annual revenue: 22500Taxes: 1417Insurance:  1500?

Also, the bank wants to be first lien holder.

That cash can often times be put to a better use than sitting around in the bank. 

There is no excuse for a PM not to transfer if they are collecting rents.

I exchanged messages with another (very generous and informative) investor recently about seller financing and he described it like you, with the healthy down payment and slightly higher interest rate, but I couldn't wrap my head around a buyer with $25k in their bank account who can afford a higher interest rate and slightly higher monthly payments that couldn't qualify for a traditional loan.

If I were to remodel it, in to two additional units would I need to notify the bank? 

I would also echo Thomas s.’s comment and say get the the money to work for you and don’t pay extra on those mortgages, why do the bank a favor when you can earn good money on that cash .

A house in my area, listed for about 130k, needs work, bank will/wants short sell (sale?)...