More short sale and money questions:

[Account Closed]

I looked at a house this AM. It needs a lot of work, but from what little I can see, most is cosmetic. There are probably a few plumbing problems and maybe electrical. I could see only a little because of the clutter, inside and out. I would have an inspection.
Couldn't check plumbing because the water was off.
Baths and kitchen need work, maybe redone completely, the rest appears to be painting, some flooring, and some baseboards, a few doors. My uninformed guesstimate would be 20000-30000 in repairs.
After repair value would be at most 170,000, and maybe 160, 165. As a rental, it would probably get about 750-850.

I want to make an offer, and am asking your help in staying on the straight and narrow, and not going overboard. The listing says short sale possible.

70% of ARV (After Repair Value) – repairs repairs = what?
70% of 165 000 = 115 500 -- repairs= 115500—25000=90500

So my offer should be $90,500, right?

I saw this house with my agent. The seller is probably nowhere around.
Do I do a short sale myself through the listing agent, or through my agent?
When I told her I wanted to do the short sale, she said she thought a short sale meant it could be done quickly. When I said it meant that the bank might take less than what was owed, she asked me where I heard that. She's been in business a long time here, and I'm surprised she doesn't know, but she generally works the higher end markets, so I guess that's possible.

I will have a complete inspection done with offer contingent on that. The seller will not make any repairs, and there is no disclosure. There is no sign of mold or leaks, no sign of cracked foundation, but we can't see the entire foundation, either. Neighborhood is decent, this is the proverbial worst house in an okay neighborhood. The more I think about it, the better I like it. It's small, but has potential, both as a temporary house for me, and as a rental.

My offer will be 90,500, is that right?
Now, where do I get the money to do this, without using my own?
What am I forgetting?
Thanks.
ofgift