I don't understand short sales very well, so, I don't know what I don't know.I don't know whether the short sale has a closing date established or not yet...I have not yet processed this prospect through my screening service as I wanted to learn more about implications of their short sale before moving forward.I'd really appreciate some help from experienced BP'ers (@Marcia Maynard ) out there on how to conduct my due diligence around this prospect who is undergoing a short sale.

If you give them 100% EMD you are Taking a big gamble.

**Warning this strategy may not work if you are established and have families** My suggestion is to find the biggest player, who you connect with, at your local real estate investment club and ask them to intern for them over the summer.

So here's the deal:There is a property I'm looking at that is in an older well established neighborhood. 

The best place to start is to establish a criteria and class of property that works for your objectives.

I was told by a law firm that if I want to operate (hold real estate investment property in Georgia) I would have to establish a Georgia LLC for that.

In a nice way, let the tenant know his credit history with you can help him re-establish credit for a mortgage later on.

Unfortunately, until you establish business credit there is no way to operator a real estate investment business without taking a hit to your personal credit score.  

There are many hard money lenders that are less formal than the more established companies and can provide you at least a tentative yes with some basic information. 

To obtain financial independents you need to get established in a conventional W2 and work on getting your credit repaired.If you are waiting to inherit and have no intention of working for a living you may have to couch surf and panhandle.The only way to truly get established is through hard work.