Real estate for dummies by Real Estate MAX

I have just picked up a client that has a new house (no repairs needed) 3years old. they have 2 mortgages, both with the same mortgage company
1st – $119,000 – ARM @ 13.75 tops out at over 16%
2nd – $ 21,000 – 9% fixed

what is the best aproach with this company to negoticate a short with the 2nd, and possibly the 1st, without tipping them off that they have both?

When I locate a house and the sales price is 1/2 of the market, How do I approach the seller?? When I use an agent I would look up the cma and show the seller what they could start asking.

I would like to get started in real estate investing and would like to do it with foreclosure homes. Can I start a foreclosure company, how do I do it or is there even any such animal?

Thank you.