Need advise on how to do my first deal on two properties

[Albert F.]

Hi,

I got this family that have two homes for possible sale one is a 5 bedroom 3bathroom and 2600 sq in a good location in Fairfield Ca. They haven't make any payments for 6

months and have a second loan on it. On zillow estimates $500,000. They bought it for $674,000 on 2005. They want to move on, how can I help this family and make some profit from this opportunity?

The second home is 3 bedroom,1.5 bathroom and 1,090sqf .it needs a new kitchen and bathroom renovation and carpet. They have 3 years left on the mortgage payments bought it for $81000 1987, on zillow estimates for $240000 it is located in San Pablo Ca. Not in the best location nor the worse location. This property they just want to sale it. I don't have any idea on how to manage or do this deal opportunity.

How would you do it? What contract would you use? How can I control the negociation with the lender? Is there a possible tax implications from a short sale? 

Any advise? Thank you