Right now, my goal is to find a property manger, work out what needs to happen and start get the ball rolling.

I have a seller who has POA for his mother's home and is looking to sell quickly, however the house is way underwater, they owe roughly 200k and it's value, according to agent's comps are around 138-146k.Repairs are very minimal, according to owner, just cleaning and painting, built in 2006(of course, I can get my inspector to perform thorough estimate if i decide to contract it)I got the lead from bandit signs, but told the owner I would help him out any way I could with helping him find a solution.I have a broker i know who has experience dealing with the bank to make offers, etc and going through the short sale process, but have not been able to contact her, and the seller seems anxious to get the ball rolling.

Absolutely see an attorney if you are in a hurry, it takes time to learn as the issues, benefits and aspects of closely held transaction, such don't pop out like bubble gum out of a gum ball machine.I also suggest you have a conversation alone with the attorney and address any family issues.

This is not a home that needs high end finishes, more of a starter home neighborhood in a good suburban school district.ARV $160,000I want to have the house back up on the market in 60 days.I get the keys today and am very excited to get the ball rolling.

But I do have significant capital available to do something like 25-30% (maybe more) down if I can find a smaller bank or private lender that will "play ball."

There are several internet services that do background checks for potential tenants for a nominal fee.Oh yeah and tell the football team to just play ball.

I figure that gives me around a 24% return on my money.For my fix and flips that is a completely different ball game.

Sounds like the balls in your court as far as deciding to invest in a duplex vs. 4-family.

I'd like to offer them a win-win situation such that they will derive a greater return, while still having access to the funds needed on demand, but be able to invest this money myself.I'm 100% new to all of this (I haven't even sent my self-intro post yet), but I was wondering if anyone could suggest to me whether my idea is legal, reasonable, and perhaps what I should look into to getting the ball rolling.

However when you are dealing with buy and hold it can be a different ball game, as there are many ways they look at the deal.