Ive spent alot of time reading and researching how wholesaling works and i am approaching cking the point where i am ready to start do-ing rather than just reading.

I was recently approached about a potential seller financing deal, which I ultimately passed on, but have since then researched the topic and would like to prepare myself if the right opportunity / deal presents itself in the future.

The cleanest approach would be to satisfy the RMD with other IRA funds or sell the property so you will have the cash to satisfy the RMD. 

Id  like to approach or contact homeowner however I'm just not sure exactly how to go about it.

I know people who could have qualified for a A paper conventional loan but choose to keep tapping into these commercial products to take advantage of the straight forward, business purpose approach.  

By the time you find a property, you likely will be approaching 60 days anyway.

Chicago has taken the approach just tax you to death (it is Illinois).  

Same with a full rehab.I'm mostly looking at conventional loans, tho I have two possible people in the wings I can approach about PML (still have to land a deal in the area they're looking before they'll consider it though), which is much more what I'd prefer.Glad to meet a fellow PA-er - thanks for reaching out and getting me to specify the above things.  

That's one approach, and I bought my home that way at auction from the bank.The home next to me was also in foreclosure, had liens due to various items, chief among them real estate taxes for two years.

Most people who can actually bring this in at a profit of $20K deserve to be better compensated for their skills.So my qualifier to the 70% rule is that the 30% must be greater than $50K in all markets and approaching $100K in my market.Good luck