Its still a profession and the pre-licensure course actually tells you very little about being a real estate agent. 

I am currently looking to purchase investment property, and have been pre-approved with the credit union of which I am also a member.

The financials might be more difficult to work out with your uncle, but maybe part of your 50% can be the property management of the asset.

Everything is pre-calculated and worked into the system.I think I understand real estate but I don't have enough experience to determine the value that each individual job has. an agent is 6%Is money worth 20%?

The offer was accepted and, LONGG story short, my mortgage officer pre-approved me for the wrong type of loan.

So I'm wondering is there a way to have the former tenant lock the property up for a price lower than the $70k his friend is asking (say the $55k being discussed), and then work out a deal with the rehabber to fix the property up to his liking and once the rehabber is ready to sell my former tenant can buy it and maybe give his friend the remaining money he's asking for? 

Sometimes with real estate investing you have multiple approaches and its really just up to your intent/strategy and risk tolerance as to decide what to do next.You probably should find yourself a good lender that will work out these aspects for you, i.e. your financing/loan options. 

Some must have heat packs for supplemental resistance heat....  

I have been pre-approved and have saved enough for a down payment (3.5%) utilizing the FHA program.

The form says they will work out the deposit amongst themselves.