Upstairs is dead space, main floor is 1880 sqft and will be either retail or office.

First of all, they are under contract with a buyer, that has to play out.Secondly, if you paid what is owed, it would still be a short sale, as there is probably 8% in commission, transfer fees, closing costs, etc. along with back taxes, etc.You may or may not be seeing the real total owed to the bank.

A. 10%B. 25%C. 33%D. 50%E. 75%I'll play, I only read this post.I'll say "A", in fact i'd think it's actually less than 10%, but we'll never know the absolute number anyway. :)  

If you are playing in the same markets as people with much larger checkbooks and better deal flow you're probably going to lose if you're using brokers.  

Patty, since you have a license, check my blog, "Let's play tic tac toe" much safer for a licensee. 

Like some have said it's a bit intimidating when you first get started, but once you figure it out its DEAD SIMPLE.  

The book is so great that I feel compelled to take it with me to listen on my iPhone but it will not play MP3's.

How you chose to finance the properties will also come into play.

Kind of a like a cash-for-keys.But if that doesn't work and he is not willing to play ball (pay late fee) then it seems pretty clear cut.

Yet, if I end up with a property that is not what I thought it was, then resale will play a vital role.