Foreclosure, in my mind, was not an option because I didn't want to pay the price and also, the home has a 1st lien that is 50k more than the value of the home, so I didn't see how foreclosing from 2nd position would put me in a better place anyway.Also, I have not been able to reach the homeowner through my own means of internet research, letter campaign to her two addresses, or by sending out an agent to the home (which is vacant).  

Hi Latasha,Yes, the analyzer should be used prior to buying a property to help determine if it is a good deal.

Also, Are there any web sites that can help me determine if a area is a good or bad Neighborhood?

Like all great people before you, be determined to fail your way to success if necessary.

Any good underwriter at the bank will look at more than your Schedule E when determining the income on a property. 

You should also meet with your accountant to determine what your income tax consequences will be when you well via a short-sale. 

It determines if the harm resulting from an action could reasonably have been predicted.

You first want to determine what is the market value or after repair value of the property.

Or attend your local REIA and connect with the investors there to determine what's working......Good luck, Roland

You've not given us enough details to determine if this is a deal or not.