The purpose, in my mind, for transitioning the property to an LLC after 3 years is to limit my personal liability in preparation to getting real tenants into the property.

As a landlord I look to learn more about flipping and the challenges of finding and keeping good contractors, what makes a good wholesaler, etc.It probably would be a good idea to prepare a list of you feel you might need some help with.

I wouldn't think you could get a short sale done in a couple of weeks....If you can get an offer prepared and into the bank with the proper paperwork to get the short sale process started, the bank is likely to put off the foreclosure for some period of time (60-120 days) while the offer is considered by the asset manager.

My fear is too much press and hype will bring more ill-prepared investors into the arena and drive up prices.

What about property management, investment property specialty, short sales/REOs, creative skills applied to web site design for brokerages, wow them with your sample marketing materials?

Be prepared for them to call the line.

The only expense would've been taking a little bit longer to become self-sufficient, but I certainly would suggest that to all the young investor starting out now.I feel that I have done everything I can to be prepared financially for the ups and downs in the economy and if you research previous posts and threads that I have entered into you will understand my thought process and hopefully the methods to my madness!

All of my research points to the conclusion that this cannot be done, even very creatively without IRS breathing down our necks.

Buyer is pre-approved for well over 140K from the bank because he has excellent credit, good income, with 6+ months reserves, <45 DTI, but does not have the 28K to get the deal done.Is there a creative way for me to sell this thing to my buyer with him not having to come to the table with the 20%?

The area has what could be a very cool shopping business district and it would be wise to invite some creative minded entrepreneurs to begin their business in the area with some sort of grants.