I would like to be able to read something that explains how the numbers work for things like actual real estate deals, taxes, buying and holding, and/or anything else I am probably missing.One of the best books on the 'math' behind real estate is:What Every Real Estate Investor Needs to Know About Cash Flow...But you need to figure out what strategy you want to commit to first, and then learn math specific to that strategy. 

Yeah, I hate being the bad guy, but am committed to doing what’s best for my business. 

Seems very strange that an hour after you're committed (on the basis of an inspection) that they reveal a major difference.OTOH, I would have thought you own inspection would have been in order for a major problem like that.

She can NOT live in the house after the short sale, and if you purchase and rent back to her, you will be committing fraud (you'll need to a sign a letter saying you won't allow her to stay in the house).If she's not willing to sell and move out, it's not a deal you should pursue.

I saw it mentioned in another post that I can get the property appraised at the time I convert it to a rental to establish a rental property cost basis - I would like to confirm that this is applicable to my situation. 2) (if question #1 is possible) I am not sure where I will want to live next, so am considering renting a room closer to work for several months before making a longer term purchase or lease commitment.

I will slowly repair this property and will break even but I have a commitment to the community and want to be part of the solution.

Thinking about this from the passive investors shoes, committing money to a buy and hold project is great if I get paid my standard rate of return, but I may not be able to get my principle out of the deal for quite some time.

The non-committed sibling finally calls me and complains that the rep, who she doesn't even know, is making false claims about her losing the property if she doesn't sign NOW and other high pressure tactics.I calmly answer her questions, invalidate the false claims made by the rep and soothe her concerns.

Contractor so far won't agree to a short sale nor will he commit to buying the home for the amount owed me, though he did express interest in that.

Zero to little appreciation and high property taxes are huge drains on any long term commitment and for me, investing in both cities I consider big mistakes in my early investing career.