The second could take a Deed in Lieu of Foreclosure and such an action could make them Subject To the first lien.  

But you need to make sure you are 100% ready to take action if a deal comes up. 

It's great you're taking action.

If you have other lines with them, you risk them being frozen or the ability to use them, being taken away.Joel summed it up pretty well assuming you are not in a single action or non deficiency state.You have to document a financial hardship to be considered for a short sale for 99.99% of all potential short sale scenarios out there.

From what I see and hear in general the new rules are supposed to protect consumers and allow for more transparency.

Stop considering, make a decision and take the action to test it.

Great to see new investors taking action.  

Hi Jeff,If you are interested in what is commonly referred to here on BP as "house hacking", I highly recommend you reading "investing in duplexes, triplexes & quads" by Larry Loftis.Good luck and take action!!

welcome @Thiago Limayou found a really great site for investing,please take time to read and listen to all the podcasts,ask lots of questions,then take action good luck

But still no action.