There is a thousand out there, so I was just hoping to slim down my options a bit.

I have heard he is looking to cash out re invest in funds of some sort and retire.There is a slim chance I can convince the township to allow me to divide this into 3 lots and resell at 100K each with a further investment of 30K to 40K.

It's a slim margin so i hope I'm planning accordingly.

Your money may end up tied up in the property for a period of time, but the chances of you losing all your money that you invest are slim.

Assuming you have alot of equity in the home the odds of that happening are pretty slim so you can see it's hard to answer the question without getting more info.

Joy,I agree with the others; wholesaling would be a slim option because of Agent's contract with the seller and the property is upside down, so the seller would need bank approval.

I certainly don't want to get into a situation where the margins are too slim to make a profit or worse end up costing more than the deal is worth. 

I have no experience with them, however I am very suspicious of any similar type organization because I know how slim tax lien margins can be a a large scale.

How are they going to sign the lease, as "Tex" or "Slim"?

I'd also recommend a walk through by someone (inspector or other trusted party) because there is the slim possibility that your properties are not in the shape you assume they are in.