Finally pulling the trigger for the first time!

[Todd Sullivan]

Hello All!

After years of reading and listening to BP podcasts, I am finally moving forward in trying to purchase my first investment property.  This particular one happens to be a Short Sale.  Does anyone have any insight on best strategies on purchasing short sales.  I understand they are usually lengthy in the purchase process, and the owner happened to be there when I did my inspection and told me what the other offer on the house was.  The comps for the area look pretty good.  My offer is about $150k under the comps in the area, so I think I should have a pretty profitable purchase if it goes through. I am planning simply to flip this house. 

I have acquired a hard money lender for the deal, which I know I have to calculate for their interest back on their investment and the construction on the house isn't too bad.  If there are any traps or other advise I should know about, I would love to hear input.

Thank you!