I've received many different answers from many different parties, so any advice from fellow investors is helpful.

The parties settled for an undisclosed amount in August.

Realtor is a third party affiliation by NAR just like an MLS.

I pay the third party company and they pay the seller.

My financing requires a 3rd party appraisal.

The short sale addendum has language that warns all parties of the need to get creditor approval and the fact that the sale may not go through and that if it does that it could take an extensive amount of time to do so.I'm finding that less and less short sales are being approved these days.

I hear that plan a lot - Just need to implement it (Thats the hard part)I would recommend a book that a lot of people on this site recommend as well as you do seem to be jumping around a lot.The One Thing by Gary Keller.Good luck!

On #2, if there are mandatory capital calls and one party defaults, what are the remedies of the default - i.e. is there dilution? 

The offers you are getting are not all that great for a third party investor.  

Third, how did you come up with your value?