Need Advice on Short Sale or how to get out of Foreclosure

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Hi, i have 3 houses now and they are killing me. i paid on them for over a year. 1 is now just entering the foreclosure process. what do i do to save it and still walk away with some money.

I paid 318k and had listed for 419k and worth every penny. however slower markets in Fl. i just reduced it to 375k but im running out of time.

the bank mentioned short sale. My question is how do i go about this. I have a friend willing to buy it but how much does he offer. can he offer less than the 308k mortgage and 13k plus in late payments? is this a hard process and will it effect my credit. thank you or if you have anyother ideas. the house photos are below in my blog. thanks again