They told me about a trust and other crap with no interest payment if I remember correctly.

If I recall correctly you are required to use a longer depreciation method (ADS depreciation) for foreign property.Hope this helps.

Anyway, the correct way if your valuing by the income approach is to take the total yearly gross income, subtract all of the expenses except debt service (principal and interest payments).

I do not know how to do this, or if that advice is even correct.

Correct, investors do this all the time.

Is that a correct way to phrase the question?

Of course, alot of people wnat bids.

But if I am understanding correctly, you are saying to find a investor/buyer first then submit the offer to the bank on behalf of the investor/buyer?

So since you are familiar with short sales, you know how to fill out their balance sheet and see if they have a chance to save it by their positive cashflow....correct?...

I investigated the properties and would like to bid on some.