Need Some Direction With My first Short Sale

[Dee Xixi]

I am working on my first shortsale, but I am so confuse. After talking to my RE agent, she even get me more confuse.
Here's the scenario please give me some guidance:
I have the home owner all paperwork, he owes 365k on the mortgage but when I look on Realtytrac the property value is 311K, is that the value to offer the bank for it?
What arrangement should i make with RE agent about commission?
Should I let her does the short sale or I do it myself?
The agent gave some of her shortsale package form, should I used her form or I can buy mine off the internet?
Anyone experience with HomeEq loss mitigation dept?
Anything I can do to maximize my profit?
Should I give the home owner some of the profit.
Thanks for any help!!!