I actually downloaded ALL of the podcasts from BP Show #1 - current and have been making my way through them while taking notes.My background is in sales, I am a sales rep for Behr Paint servicing New Mexico, so if you have any paint question please feel free to ask and I will do my best to answer your question.That's all I have for now, thanks for having me and I look forward to being around for a long time!

To answer your question, the few times I've put in a contract like that, the seller is listed as "estate of so and so" or "so and so family trust".

Check with you local laws.If you have an interest in becoming a California Real Estate Agent I would be happy to share with you about the process and answer any of your questions.Best of luck and welcome to Bigger Pockets!

The answer to how much liability insurance you need is the amount that you COULDN'T STAND TO PAY OUT OF POCKET.

Hopefully the seller has an experienced negotiator who will get answers out of the lender(s) in a timely fashion so that the process isn’t too drawn out.Would be happy to refer an experienced realtor in the Portland area who is familiar with short sales, if you are looking for one.

He couldn't give me a straight answer, which is very unsettling.

Happy to help/answer q's in any capacity.

I think you just answered your own original question with that last sentence of your why. 

You did not get ripped off.If you did your research in advance of hiring your contractor then you know the answer. 

I hope that my answer has given you some things to consider and left enough for other to jump in with their thoughts and experience.I would be open to being that resource in the private lending space for you reach out and lets connect offline!