`(b) Purpose- The purpose of the HOPE for Homeowners Program is--`(1) to create an FHA program, participation in which is voluntary on the part of homeowners and existing loan holders to insure refinanced loans for distressed borrowers to support long-term, sustainable homeownership;`(2) to allow homeowners to avoid foreclosure by reducing the principle balance outstanding, and interest rate charged, on their mortgages;`(3) to help stabilize and provide confidence in mortgage markets by bringing transparency to the value of assets based on mortgage assets;`(4) to target mortgage assistance under this section to homeowners for their principal residence;`(5) to enhance the administrative capacity of the FHA to carry out its expanded role under the HOPE for Homeowners Program;`(6) to ensure the HOPE for Homeowners Program remains in effect only for as long as is necessary to provide stability to the housing market; and`(7) to provide servicers of delinquent mortgages with additional methods and approaches to avoid foreclosure.

There may be a minimum loan balance and I don't know if $30K is too small a loan or not.

You will still want to use a title company to do the transaction, and get everything properly recorded.

One of the most important things is to speak with the proper persoan at the bank that handles what you are looking for, and as Mike said, use small local banks who provide commercial loans.

Lenders generally do not care when they are getting paid but usually have a clause stating if you sell (deed) the property to someone, the balance of the loan is due immediately.That is what I would do.

Also trying to find a balance between the new job, investing and my social life (the social life has been taking up a lot of time this summer; beach house with some friends)

So since you are familiar with short sales, you know how to fill out their balance sheet and see if they have a chance to save it by their positive cashflow....correct?...

My question is: How do I figure out a proper bid to make?

Properly installed, it will be a 25 year job.

You'll also want to check with your CPA about the tax implications of moving the house in and out of entities.Be sure that you also check your hazard insurance and title insurance each time you re-title the property to be sure that the proper entity is insured.