You may even come across a position open in a company.

Definitely a positive for those newbies to RE.

Rent with positive cash flow or sell for a profit.

I appreciate what you're saying but I'm fairly confident that I can turn the property over or rent it out to keep it in a positive cash flow situation.

I contribute 29% of my salary to a 401K plan which is not doing too good at the moment.We both live in San Francisco and own our own houses.

I've found the best labor to be guys my age (mid '50s) who got whacked by their (usually Fortune 500) employer, who are facing the prospect of never holding a salaried job again.

Also, I handle other broker's files and do process them a bit, and get paid a decent monthly salary on top of my comission base.

I am attempting to do a short sale on a property that has negative equity.The question is... should I negotiate with the lenders to get an idea of what, or if, they would short their position BEFORE I sign any agreement withe the current owners OR do I need to sign a P&S with the current owners and make it contingent on a successful short with the lender??

Despite the heartache, are you in a good position in the long run?

I am interseted in preforeclosure as well as preconstruction and other areas of your market that create positive cash flow.