The market that generates the best yield with acceptable tenant quality.  

Normally, offering all cash and no contingencies with a quick close can persuade sellers to accept a lower price but will this work with them?

And the lender if free to accept a bid below what is owed.

My current plan is to connect with a motivated delinquent property owner who will accept a small payment to sign their property over to me and then market the property for a discount below current market value or allow the county to sell the property and collect the excess proceeds.

I'll be doing 3.5% down so ~$7350 if my offer is accepted.

@Bobby SharmaThe party is still accepting people!

I am not aware of any laws in the Chicago/Cook cnty/IL area, but if you do it, perhaps do it on a point based system like an tenant applicant acceptance...so if you get sued you can prove it was objective and not subjective based on protected class status.

The list price on a short sale is set by the owner and agent, and it is not generally an indication of what price the bank will accept, as they do their own evaluation.  

If the bank accepts, I need to give a 10% cash deposit within 48 hours.

I am working on my first deal currently, our offer has been accepted and we asked the seller to fix a leak, so waiting for the answer, and then hopefully closing!