(Technically I signed gave to the agent but agent haven’t mail out to him yet)He emailed me his renter insurance and he paid one month broker fee to the agent.Now before he move in he want whole place to be professionally cleaned and whole place to be paint.which is fine with me.Now he want a new ac, and new light bulb shelf inside the closet to be removed ( I dislike those requests ) and He has a mother who is little difficult.

I feel like I am pretty picky on the deals I would like to buy due to reading about the resale of the land being the difficult part of the equation. 

@Patrice Penda I could be wrong about that, but I was able to get leads that provides the loan balance and the home value.

there no doubt is a balance....

At any rate, it's good to have a balance of different sources for deals, an agent being one.

He would like for me to buy in at 400k approx 40% and then pay 40% on the remainder balance (550k).

Yes it’s possible and not even that difficult if you get set up correctly.

@Grant Stucki As has been implied in some earlier comments, it's difficult to really have an answer to this question without defining your goal.

So, that number, less your current loan balance and refinance fees is what cash you could get out (much less than 75-80% “of your equity”).I’m surprised someone let you tie up a short sale without showing the ability to buy.

I understand it may be difficult to find them in a small town.