Hey @Damian Williams, wholesaling is pretty simple from an overview stand point (find a great deal from a motivated seller, get it on contract, find a cash buyer to flip the contract to).

The key is inventory, a simple matter of supply and demand.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bpThe second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bpThe second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

Your only option is a short sale, which the bank is not going to hand you on a silver platter.

Given my current scenario with this recently purchased house, if you were going to rent out to the two friends to offset the cost of the mortgage - would you keep things simple and do this "under the table" without all of the legal paperwork, or would you do this "officially" with all the necessary paperwork and legal forms making me the official "landlord" renting out to two tenants.The way I see it is this.. keeping things under the table would make things simple with my two friends and obviously require less paperwork.

It is not as simple as paying off the taxes and getting the property. 

Just have him deed the property to you, no money changes hands, you start making the mortgage payments and get the house listed for sale.

He has a handful of multifamily rentals in my area and I would love to buy them all so it’s important to me that this is an amicable experience and we both get a fair deal in order to work together on the other properties. 

Small claims court is inexpensive and very simple.