Here is where we are at and need more experienced BP guidance:House is under assignable contract but we plan to at least take ownership if we don't do a double close, I am afraid to lose this deal by not being on the deed.

Im interested in this question for myself, and I'll give some details on my situation below, but I'm interested to hear what some of the experienced folks had for their experiences.

But purely looking at what you put, not being experienced in flipping, I would make the offer subject to interior inspection (7day) inspection period, 15-30 day close.

I'm hoping to gain some insight from an experienced investor, local to the area.

The investor was experienced and I'd known him for several years.

Eric, what you're wanting is called a "short sale" you'll need a Realtor experienced in short sales and banks sell for less than what  is owed everyday.A short sale can be accomplished before foreclosure, just  make sure you  use a Realtor!

Although your neighbor hasn't experienced any vacancy in the past 3 yrs doesn't mean that would be the same for you. 

It's a group of new and experienced investors with some new faces each meetup.Search for the "Coffee with Investors in Delray Beach" post.  

Offering to help an experienced investor (for free...your "pay" is the education) is the way to jump start that.  

If so, i would connect with those owners and see what they are experiencing and how they handle it.