For the latter, that’s about all the paperwork.

They'll foreclose long before they'll accept a short-sale.Regarding sub-to, I would urge you not to attempt one without basic training and also excellent paperwork.

There will be less paperwork, no up-front PMI, and monthly PMI drops when you hit 78-80% LTV.Bottom line: depending on the other property expenses you might break even on this after moving out...or you may be in the red.

What paper work do we need?

Good paperwork/delivery is your best defense5) Join a local rental owners association - Best way to get paperwork and latest legal.

You can learn a lot by following along and perhaps running paperwork and handling admin task for them if they will let you. 

There you learn more about the products to finance real estate, know how your paperwork need to look like to qualify for those products and you get a idea of the market trends.  

Creative deals are based on knowing the details, having the needed paper work and how to walk the deals steps.A key issue is taking the option fee and having it get applied to the down payment months to years down the road by the financing bank! 

You receive all of the benefits of investing in real estate without all of the legwork.The general partners complete all of the necessary legal paperwork for you.

The salesman and I agreed to a price and left for the day to finalize the loan paperwork at my bank.