Playing the long game, it's not for those chasing rainbows, definently for the LT planned methodical focus. 

At least until you have done your due diligence to understand the steps of being a landlord.Of course they want the address...They always want to see the property before being "prequalified"...There is salesmanship involved with finding a good tenant.

The whole reason FHA developed a short sale method is to reduce the loan balance down to reality, down to what the home is worth, down to the value of the collateral at the bank accepted. if they had the cash, they wouldn’t be behind on their monthly payments.You're right I overlooked that part.

My partner and I decided not to over complicate things with this method.

No transfer tax should be involved (see Garn/StGermain) as opposed to an LLC transfer. 

Due to personal faith based reason, I prefer to only invest in all cash deals that don't involve traditional financing (so typical passive RE options like syndications, RE funds with fixed returns, REITs etc are not a viable option for me).

It is a rare off-market property that does not involve work and/or have risk items.  

Schedule inspections at key stages, and involve your property manager early for rental insights.

Many factors involved: 1.

If either of them were to stay involved, it could cost you money and you would collect less.Send it to collections yourself.