Owes balance is $50,000This will be my first investment flip.As the 1st lien holder of a property like this: should I short sale it or foreclosure on it?

That could barely bring food at the table.

After food and labor is added in the numbers get pretty tight.

As stated above, this is an absolutely FREE meeting (except for any food or drink you order).

I just don't want to overpaid for property or a bag holder here.

Solid A class can be done from afar.. you have premium tenants by and large since they are at the top of the rental food chain.. these can be done remotely.

Ideal Scenario: Owner finances price, I make interest only payments on 30 year amortized, 7 year balloon, refinance it after the market corrects itself from the shift we're headed towards, cash out my note holder and use some extra money to reinvest in another deal through a bank and hopefully a good interest rate. 

We are looking to start buying properties for flips as well as rentals.There is so much information on here it is hard to know where to start.I am in the food & beverage industry.  

If you have SOME king of modest marketing budget to start with, a purchased list of known note holders can be a great start... ypu just craft the right message (again, trial end error will bearout which message(s) work best for you) and mail to your list.

As stated above, this is an absolutely FREE meeting (except for any food or drink you order).