When getting ready to close one's first deal as a newcomer, what are some steps to take to minimize the risk involved?

The equity I have in my home is minimal and would hardly help towards this purchase.

I just became aware of a situation where a family friend and her mother have offered to short sale their home with no regard to loss of their initial $20K down payment and damage on their credit due to the fact that they're up in age (one is over 100 years old) and they see no other recourse.How can I advise them of a different strategy to resist the temptation to give away what is essentially a really nice home that needs minimal TLC in the Oviedo FL area?

In TX 5-10k on a flip with minimal rehab is real money!!!

If minimal patch work, why waste the time and money?  

Many just rehash craigslist ads,give false comps, or agents trying to pitch their listings, or wholesalers who don't have anything under contract.

With those strict maximum rent limits in low income units, it would be nice to somehow eliminate or minimize some of the monthly variables.

I want this done easy.I am willing to give up putting it on the market and gaining money on the sale, because I get to cut out the Realtor...Comps are $85K in our area, and but I am willing to sell for $75K, if this can be done quick and easy, with minimal cost out of pocket, for either party.

You bring the deal and pitch it, if they like it they will fund you.

Here are some numbers:Purchase price 139, Appraised Value 175 (this is fantastic to me, and the main reason I pursued the deal)Repairs - Minimal for continuing rental, 5-10 for saleCurrent rent 1200, market rent 1300-1400 The closing was a little interesting.