Can an investor help facilitate a short sale?

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Greetings BP,

I have a grass roots lead in a very nice neighborhood in Portland, OR.

The homeowner hasn't made payment in 4 years! The unpaid principal balance represents just about my exact MAO in order to make a major rehab pencil with a 100k return There is no second on the property.

What can I do? Can I contact her bank directly if I get her approval or does she need to do that? From what I can gather, the property has to be listed for a minimum amount of time on RMLS? I.e. I can't craft an agreement between seller, bank and me without the deal ever hitting RMLS? Is that correct?

Thanks for any advice! I know there's something here...