Bought a 1st Lien Non-Performing Note: Foreclosure vs Short Sale

[Cody Krecicki]

I'm about to purchase my first distressed note on a property near Chicago for a whopping 1.98% of UPD it'll cost $977 or so. Original loan value was for $52,000 the property is worth $35,000 after doing some research. It has $6000 in tax liens on it. It is also vacant an 120+ days no payment. Owes balance is $50,000

This will be my first investment flip.

As the 1st lien holder of a property like this: should I short sale it or foreclosure on it? It'll take 90-120 days to go through the foreclosure process and it'll cost $3,500 in fees.

How would a short sale work out on this investment? I'm doing this from out of state in Nevada. I don't want to have to go there and get my hands dirty.