Hey J, I live in Brunswick too, and have done a few Lease Options that have worked out well. Sometimes you can ask higher rents and a smaller down payment or "option fee", and give a rent credit of a $50- $100 or so every month@ closing till they close (most don't close and you don't have to pay out). FHA mortgages are about 3 1/2% down, so do the math for their down payment, and figure closing costs too. Talk to some investor friendly realtors (tell them your a new investor looking to buy more houses ) and atty's and see what they think, and let the atty do the agreement, and close with them as well! So many don't think outside the box or creatively. Maybe do a lease option for 3 years or so, and once you have a tenant buyer in the house maybe then you can start on a short sale with the bank, because it does take some time! Look up info about a lease option, and see if that would work for you! Also, because usually it takes tenant buyers a couple years to cash out maybe the values will rise to not have to do a short sale if your not too far under water. Also you put the majority of repairs onto the tenant buyer which should free up your time and expenses. Do full disclosure about what your situation, make sure you can provide the rent credit if they close, use a Atty that's familiar with investor strategies and GOOD LUCK!
