I want a healthy successful life.

@Ryan Taylor  There are several approaches you can take, depending upon what the homeowner is willing to do, what you're willing to do, and ultimately what the numbers in the deal dictate. 

The market is in my favor.If anyone has come across this in the past or has any insight on a better approach, I'm all ears!

Purchase Price $241,000Rehab Costs  $296,400Appraisal: Sales $560,000Income Approach $666,188Cost Approach $602,005  I do feel the sales approach is super low for this market since everything has been rehabbed it will give me a big chunk of my money back. 

That person could have lent money on the deal and had a 2nd position lien and received a healthy rate of interest.

I don’t know what are benefits to this approach other than perhaps a safety net to learn about owning property and managing rentals.

Armed with a better understanding of the economics behind flipping houses, entrepreneurs and investors can better approach these opportunities.

How would I approach this with a lender and what is the terminology used for this type of loan? 

I have did a title search on the property and it does appear it has switched hands to a private party in OctoberAfter I approached the, "Assignor," I informed them that I had cash, and would like to move forward with purchasing the property; however, it seems like he is dragging his feet.

You never know what's going to pop up but with that being said you could take a "wing it" approach and it could work out and Jumpstart the process but generally I'd say yes, save.