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Assuming you try to work the short sale (by the way if you are not good with details and negotiating don't bother because SS have a lot of details, negotiating, paperwork and follow up) the bank is going to want to get a BPO or an appraisal and if that comes in at anything close to $350 I think your deal is dead.

That also gets recorded to make public the fact the lender has an interest.There would typically also be a promissary note that has the details of the loan, rate, terms, payments, etc.

With less effort than posting on these forums, you could call and get the details.

You'd give that to a title company who can work through the details of the transaction.

I love TX for investing and would like to know about these properties you are looking at.I am a full-time professional RE investor and perhaps we could set up a JV, a birdog fee, an assignment fee, or other arrangement and do these together.Contact me so we may disuss this in detail.

Last but not least, read my site at fliprent.com for more details.

.:) I then, attach an addendum explaining the details of the transaction & any "weasel clauses" as well as the inspection period that I may need.

Talk to several and explain all the details of your income and what you want to do.

Been a while since I looked at the details, but you may have to have show income to deduct the contribution from.