Because I'm sure in the current market and my location that the banks won't accept the price at 70%-repair price.

If he/she can't accept you wholesaling, and you're committed to it, then perhaps you might want to consider switching to a broker which is OK w/ it.

You need to get you funding letter that says you have the funds to buy, several Realtors will also ring up your lender to find out how strong it is before they accept an offer now its that competitive. 

Investors may want to see if their tax professional is an IRS acceptance agent which can greatly expedite the ITIN process.

The owner is retired and lives off her social security check which isn't much.

They also wanted us to pay their closing costs and cover a 1yr home warranty, which was supposed to tally at $4500.They were also very aggressive on wanting us to accept literally within an hour or two, as my agent didn't call us until later that evening, or the deal would be off.  

It's tenant occupied and not immediately accessible and we're deciding if we should accept a counter offer they gave us as a credit instead of repair. 

The seller accepted and now the waiting game begins.

I don't plan to buy in rough areas, but the question often comes up in my network of professionals (as I am a social worker in my day job).

If he accepts I will have the option to buy contract set up by the end of the week with a 30 day term locked in.