Based on the type of loan getting the short approved could be very hard.If you are paying cash I would try to get into the house pre-foreclosure for inspection.Then even if the short sale doesn't work out you can bid and pay cash at the courthouse steps.I have seen lately the banks the first Tuesday of every month starting the bid really low.For instance if it's an 80/20 2 loan situation and the house is worth 100,000 and mortgage balance is 150,000 on the first they will start bidding at 83,000.The reason is after insurance if they sell for cash at the steps the new buyer has to get rid of the now former homeowner,do the trashout,and the bank saves on maintenance costs,the market dropping further before they can market REO,and not having to pay for an appraisal and buyer closing costs and broker commissions.All these items allow the bank to start low on bid day.They will keep bidding up until either an acceptable number is reached and they let you have the property or the lowest bid is not acceptable so the bank bids up and takes the property back to sell REO.I think on the courthouse steps or the REO listing you will generate a lower value with a quicker response.

Heck you know where she lives :) and you might be able to work out a creative/better deal that way...

I figure if I can find a lot that would work, and get a deal that would be a good rental property, but instead I live in it for two years, it might work out nicely.

Eric-75% seems to work out ok for most Lonnie dealers that are structuring notes properly.

He should get his money back from the rehab and labor, you should get your price as is and you could work out a split between you above that.

Your plans will never work out (if they are detailed) as planned and adjustments will always need to be made.

I used to work out of Palm Springs several years ago.

I don't want sentiments to persuade my negotiations, but it'd be convenient to have it next door, and there would be some personal advantages to the property that my dad and I could work out.

Did you have a feeling that these tenants would not work out from the get-go?

Good to notate if you were to do a loan modification with the owner and re-work out new terms.