Short-Sale Deal

[Anthony Micalizzi]

Hi there, 

First time post and first time investor.  I have a potential short-sale deal I am looking into. Part 1. 

Seller bought property in May 2014 $265K. Seller is now getting divorced and short-selling for $225K. It is a 4BR single 1300 sq ft colonel.  Rents in neighborhood around $1500-$1800 per month.  Is this a good deal?  

Part 2

I have a friend willing to put up $175K-$200K cash to buy with me.  What is the best way to approach bank/broker and  best scenario to work out with my friend without putting any cash out of my pocket on my end?  All advice welcomed. Thank you.