I like Nevada because it's close to CA, low property taxes, landlord friendly and has strong tech and manufacturing job growth. 

Purchase price: $35,000 Cash invested: $35,000 Closing is in a week.

Initial Discussion and Negotiation, Due Diligence and Documentation, Signing the Purchase Agreement, Escrow Closing Process, and Closing, Transfer of Ownership, and, Post-Closing Obligations. 

It may make sense to refinance the property with higher equity and use the loan proceeds to payoff the other property's loan shortage at closing. 

Share your tips and tactics for negotiating favorable terms, including price, contingencies, repairs, and closing timelines.

Short sales take a very, very long time to close. 

Technically, the property taxes will close to triple once the house is no longer your legal residence.

Firstly, inquire about upfront fees, as reputable lenders typically do not charge them, and collects all fee's at closing.

Last Thought:  If your parents plan on exchanging into a property with the intent of renting the property to you, make sure that they are charging you something close to fair market rent for living there. 

Big Closing costs.