@Frank Lodge  I can understand it taking time to find good deals but just know they are out there and don't give up.  

My questions are:1) Is their a good formula to understand what a fair price is for this property?

It seems that not paying your rent can get things moving pretty quickly, but understand that there is also a robust defense system here in the county.  

 William how hard is it to cash out refinance about one year after I buy the home if it has 25,000 equity in the home  I understand two years after a short sale I should be able to start using conventional financing again it's been about a year and two months since my short sale 

Understand, most brokers are getting only 10-30% of the commission to their firms, which is just the nature of the business these days.

I do understand that if I were to resell when the tenants are in place I would need to transfer the money, but I have some small maintenance items I want to address this month and instead of borrowing the money from my bank to make repairs can I use the last month rent money.  

I understand what you are saying @Wayne Brooks, I may need a letter of intent... which is better... but I'll just have to go meet them and give them my answer to purchase in a day of two while my applications are pending...I have no choice... 

I understand every area is different.

However, I am not sure if I understand you when you stated, "except the addition of the new basis".

These books teach you how to handle situations, how to find solutions based on your value system, set clear boundaries with people and overall understanding people's motivations and why they do what they do (which is extremely helpful in any interactions with people).