@Shital ThakkarI don't really see housing prices coming down in the next several years, but the report does indicate that the frantic pace of price increases should start to slow.At least in Dallas County, housing demand (closed sales) has come down year over year, but supply (new listings) has also come down by about the same amount, so it seems relatively balanced for now.

Instead of waiting to pay down my balance on the credit card I just got a new one.

Miguel "Mike" Perez Actually their prohibition on short sales to family members/related parties is purely an attempted safeguard to avoid "sweet heart deals" where they may get less than market value, and if it were allowed it would also encourage many to try and get rid of part of their loan balance by simply running it thru a family member in a short sale, and essentially retaining the property.  

They can only deposit into the account, not see balances or withdraw, so don't see a risk.We also let tenants bring rent to our house.  

The hard part is balancing the obsession with my time and studies.

As a neophyte RE Investor -actually, I'm still researching-, it seems there could be a good balance between both worlds.

Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!

You won't be able to get a "Full Approval" without an appraisal...and depending on your bidders deposit requirements, your risking that cash if for whatever reason, you can't borrow the balance due in time.  

Cut up your credit cards if you carry a balance on them, and start paying them off.

Get rid of the high debt balances first.