Short Sale & Joint Venture Question

[Ryan Donohue]

So I posted this previously but I think I did it in the wrong forum so heres another go:

So I believe I have what looks to be a good potential of a short sale:

-Owner is an elderly man(incompetent) in a nursing home and family(his son) was just going to let the house proceed into foreclosure(bank messed up foreclosure ~3 times apparently).

-Son is open and willing to cooperate in short sale. He said I should call the bank and see where in the process the foreclosure is.

-I've been keeping a friend I met at an REIA meeting up to date with my research and he is currently looking into whether its a good deal. He has done short sales before and is willing to teach me the process and partner with me.

How should I go about doing a joint venture(paperwork etc)? Is it too late because I told him about the property already? What questions should I prepare for both the owner(son), and my partner? Has anyone dealt with a situation where the actual owner may be unable to cooperate and a family member had to step in? Ask any questions you need and I'll help you help me!

Thanks,

Ryan