Short term.

Short sales and distressed owners.

Probably a short term like 90 days would be much safer as many strainght sale contracts can go out 90 days.

The best strategy in these areas are reverse short sales where there is an exploitable spread between the short sale price and opening bid at the foreclosure. 

John Moore The short answer is no.

Recently I had a short sale property I lost out on, asking 230K, I put in an offer at 200K cash and didn't get it.

And, if you do a short term deal you might use an option, but that is not a good way to go long term. :)

Not a short sale.

One question I would ask is how you can get on their short list.

Some of the topics I was looking to get more info on are:-New legislation passed here in NV AB300, SB321, also the new law that will allow underwater homeowners to short sell their homes to themselves without an "arms-length" transaction disclosure being required.