Quick “formal” portion at the beginning and use the bulk of the time for actual networking.   

The loan terms  and  rates  will be   different  for a   2 plex  as  compared to a   3-4 plex ...if you buy larger than a 4 plex - the loan is a commercial loan and  terms are not likely to be as good ......I  would recommend  getting in  contact with a lender and  get a formal pre approval in place for   a  hypothetical 4 plex  purchase  ....and  then  also  locate a  commercial lender that can help in case  you buy 5-6 plex 

found the probable base cause of the recent downturn in foreclosures - Press Release FDIC Statement on the Status of the Legacy Loans Program FOR IMMEDIATE RELEASE June 3, 2009 Media Contact: Andrew Gray (202-898-7192) The FDIC today formally announced that development of the Legacy Loans Program (LLP) will continue, but that a previously planned pilot sale of assets by open banks will be postponed.

You can formalize that by having a "limited power of attorney" from each of you to the other one that gives the grantee complete control of the property.

A partnership isn't a company in any formal sense.

It is also apparent to me that your procedures are a not formal enough.

But before he gets anything to sign, (if he hasn't already done this) it will be your friend who makes formal application for short sale consideration.

I figured worst case scenario, I'd be making a very small profit but I would learn a lot from it.Repair costs: 65,000 The formal bid came and we were able to reduce some of the expenses to 60,000.

None of my formal training as a loan officer included how to do REI math, it was all OJT and studying guidelines on my own.

They'd probably be suspicious if you didn't ask for proof of funds...lol.If you want, you could be less formal & simply ask over the phone that they submit Proof Of Funds.