I may be late to the party, but feel a need to weigh in on some key points:1) A portion of Detroit's deficit can be attributed to changes in the state's municipal funding system, changes which victimized urban and fully developed areas and rewarded small towns and open areas.  

People are rewarded to walk away after non-payment and such. 

Even helping to arrange a short sale would only mean work with no possible reward and only incur lawyer fees. 

Ok, one thing you have to do is reward yourself because you did something right to get them to agree to meet with you!

I am curious to hear what you come across.Like yourself I have learned and not by a get rich book in real estate but taking the plunge and making some bad decisions but I have also been well rewarded by decisions that were in my favor.  

I'll let her jump in here if and when she sees this and wants to..Truly a mutually rewarding experience :)And I only even know a chunk of the infinite real estate knowledge out there.

If I've got to take the risk of getting planning approval for what is probably a change of zoning (as a guess), then I'm reaping the rewards, not the seller, who has zero skin in the game.

Agents are rewarded for the service they render through commission paid by the seller.  

As mindy pointed out, you also need to understand what your finances are, what you can borrow using a mlo or even a hard money loan or bring some friends into a joint venture. all have their own risks/rewards of course so it comes down to your risk tolerance.  

Rinzin, It sounds like you want to take very little risk and reap all the rewards.