There is a few steps involved and there are literally books written on these subjects so I am not going to even attempt to tell you what all needs to be done.

So if you've found a way to do this and still create a solid long-term plan for yourselves I'd love to hear more of your thoughts on the subject. 

As a realtor you can arrange short sales, do subject to existing mortgage, if the balance is low enough offer to pay it off and lease purchase back to the owner of Record.  

Well if the subject property is in inferior condition, (which investment properties usually are), then 5% off the lowest comp doesn't make much sense. 

The appraiser used homes that were 2-4 miles away from the subject property - in Montgomery, AL that is a long distance and the neighborhoods are not comparable.  

His book is probably the most comprehensive ever written on the subject.

Though I suppose that would just be kicking the can down the road, since I'll have to pay a real estate agent unless I try the FSBO route.I think I would get $18-$20k out (If I get the price I think I can in this hot market).

It's subjective more than objective.Depends on the area, park or land, condition, etc.

I didn't know what the note was, I didn't know what subject to was, or a lease purchase and how it compared to a lease optionI didn't know what a wraparound mortgage wasI didn't even know about foreclosures. 

That video doesn't represent anything other than a hot Sunday afternoon and a few people losing their temper - or their minds, whichever you prefer!