I am about to close on sale of my primary which will give me funds to pay down my credit card debt too ) and leave me with 250k to puchase a new primary and an investmet property.

For preforclosure you are leaving one target rich area for another.

I am definitely flexible on this and understand that PM's need to have a life to but if you consider that many potential renters have jobs during the day that they cannot leave, you need this type of flexibility to show the property.5.

I would pay my mortgage and keep a 3 % from the mortgae after I pay the original mortgage leaving me cash flow monthly for any future problems with tenant along with the 5 % down I mentioned above, to cover legal fees should they default.

I think it should be taken into consideration the door it leaves open to being able to 'pierce the corporate veil' when you have a property in an LLC and the mortgage in your personal name.

Even if you have an LLC you need to be clear about who is offering to help the seller.If you mess up and leave the place unlocked, there is a fire, or there is an event related to mowing the law you need to know if you are covered.You could lease/option the property and agree to do the work as part of the deal.

Partnership or S-Corp is getting into details I leave up to paid professionals.2.

I would leave nothing to chance - get the lender-servicer to state in writing that they will accept the proceeds from the short sale and release the mortgagor from any further liability under the terms and conditions of the promissory note.

Ive since found that rental would be more like $900/mo, but I still doubt this changes the equation much....I guess Ill just leave the price at 179k and wait it out...This makes me wish I had countered the 165k offer.........

Did she perhaps not meet the terms of the lease like leaving early?