The "just market value" of their land is then listed at $250K (the county defines JMV as "The price at which a property, if offered for sale in the open market, with a reasonable time for the seller to find a purchaser, would transfer for cash or its equivalent, under prevailing market conditions between parties who have knowledge of the uses to which the property may be put, both seeking to maximize their gains and neither being in a position to take advantage of the exigencies of the other.")I am very interested in learning by participating in this deal but I don't know whether i am getting screwed through 1) him assessing my basis too low by valuing it at 212 instead of 250k and 2) the terms of the overall deal.I am leaning towards doing the JV since there are other places where I can learn about rehabbing and renting, or flipping, but this property offers a great opportunity to participate in a development with a high quality experienced guy who is very well connected. 

Additionally, I am seeking private investors that recognize the experience and knowledge that I bring to the deal.I hope to network with lots of people here on BiggerPockets!

Its a bit more difficult for the homeowner to cancel the short-sale process even if they have somehow come up with the full amount including penalties and fees...To get involved in on bidding for the sheriff sale properties is pretty easy for the most part just show up with a cashier's check equal to 10% or 15% of the bid that you want to purchase.

Are you seeking a foreclosure defense, foreclosure mediation, foreclosure strategy, foreclosure modification, .....

I am seeking helpful information.  

Would you be seeking other partners on other deals? 

Your DTI if seeking conventional financing.

What's the loan amount you're seeking?

Add value to an experience investor and then seek to be their mentee.

The penalty for leaving early is that he will give you his first-born.