short sale deal

[Samuel S.]

I found the investor that trying to short sale three condos (one already under the contract). Properties aren't listed anywhere and the short sale is already Feanie Mae approved. I have couple questions that some of them might sound rediculous to some of you EXPERTS :)
Any way, both condos are 2/2 room mate plan. One needs around 13k rehab, asking 32k for it, another is rent ready, asking $44k for it. The area is really desirable and close to my wife's work. I planned to get one to live in it (as a first time homebuyer)and rent the other one. Now since I don't know much about short sales, can I negotiate the price down with the investor or have to deal directly with the Feanie Mae on it? Is there anyway I can come to the agreement with the investor and buy one condo for 10k cash and finance another one for 66k putting 20% down on it and getting more of the tax credit? What will be the process of short sale in that case. Please feel free to ask me any other questions you might have. That will be my first deal and I really want to get it done the right way with some experience advise.
Thank you
Samuel