How in the World Are Short Sales Funded??!!!!

[Ashton Noland]

I am wanting to start with Short Sale investing and understand that if you acquire a Short Sale from the bank, you must own it for a minimum of 90 days. After the 90 days, is the property yours to do what you want with it? Sell it to a retail buyer?

Also, while I am holding this property for the 90 days, how is this funded? I don't have the capital right now to fund it out-of-pocket, so do I use private money/hard money to acquire the property and make monthly "payments" to the PML/HML for the 90 days until I sell it?

I know that you can double-close a short sale, but there are some banks that require you to hold it for a minimum of 90 days.

I'm so confused on the timeline of things and sequence of steps!!!!