I found a short sale offer in chicago and I ran my numbers and they look bad.

The 12b is a 30% ITC federal w/o state support, but with on-going 8835 credits (Part II, line 13d)

Listening to the podcast while I ran this morning.

(DSCR) -  "Typically, most commercial banks require the ratio of 1.15–1.35 times (net operating income or NOI / annual debt service) to ensure cash flow sufficient to cover loan payments is available on an ongoing basis."

Please give me your thought on going through this process.

^.....You physically don't have room to make this space function.Yes, that has been my ongoing point in this thread...You're no fun at all, I wanted to see the plan sketch. 

We were put on the deed in August, our broker said it had to season 6 mos before we could cash back refi, meaning sometime in January.In the meantime I ran across what I see as a great deal, but putting 25% in for the downpayment would wipe out our current cash reserves, which I learned the hard way is a no no, so I am adamant on that.Filled out paperwork online for a HML that wanted 4 points to do the loan, at 11% for 12 mos.

I agree with you completely, real estate is not the best avenue to get rich quick, and i have every intention of minimizing risk and forestalling instant gratification to build a healthy portfolio. i plan on going to as many Real estate investor groups as possible and making great connections. thank you for the encouragement and advice, i appreciate your time.

I ran the Staten Island Half Marathon last year.  

I ran into an "analysis paralysis" phase myself because there is so much information and so many ways to get involved in REI.