High value short sale fell in my lap, now what

[Bill Wilson]

So I have been studying short sales as much as possible and I have an area where I want to focus in but I didn't think my first possible deal would be at this level. I guess I am a bit intimidated and I am looking for advise so I don't screw it up. Here's the deal:

I got a referral for a 40 ranch in ski country the owner owes $1mm and is in default. $1mm is ballpark of the value. There is a similar property listed for $1.15mm but has been on the market for over 6 months so its likely too high and they are fishing. (Comps are tough to find in the mountains.) Anyway, it leads me to believe that the referred home would be a short sale by the time all the transaction fees got paid. It is not listed and I would need to resell it in an A-B B-C transaction. I have a funder, a title co, and a negotiator lined up since I've been looking at getting into SS anyway. I need to line up a realtor or an RE attorney still.
I know short sales are complicated but I would like to be able to help these people out. I feel like there is room on this property to pay every one on the team, with a little left over because the market in the mountains isn't as hot as the Denver metro. So my feeling is the bank may be more flexible to avoid having a high dollar property sitting on the market for months. If I can negotiate the right price, I think it would move though.

What do you think, should I go for it, or run like hell? Any advice would be appreciated!

Thanks,
Bill