I am trying to get into buying preforclosed properties and fliping them as soon as possible. I beleive that this is called a short sale. Is this type of thing risky and what do you need to start doing this?

BofA halts foreclosures in 50 states
Bank of America halts foreclosures in 50 states amid expanding furor over document errors

Read more on Bay News 9 Tampa Bay

Five states to get foreclosure prevention aid
As many as 50,000 struggling homeowners in five U.S. states with high unemployment may receive help from a special $600 million federal fund intended to head off foreclosures.

Read more on Reuters via Yahoo! News

How many short sales of properties occur every year in the United States? Historical data would be awesome too. I’m having a hard time finding this information.