As far as selling your properties go, are you planning to sell both properties to purchase a different home or what exactly is your end goal? A short sell will normally show up on your credit as "settled for less than full" and that will remain on your credit for 7 years, just like most other dings. It will not affect your actual credit score nearly as much as someone else who does a short sale that has been behind on their mortgage for months and months. Foreclosures will remain on your credit for 7 years.
Many lenders can lend to someone with a short sale after a year, and some can do it immediately if you were never behind on your payment. A foreclosure is typically a 3 year hold for getting a new mortgage. Of course, the debt to income, credit score, and down payment amount will play big factors in these numbers.
Once again, it is best to talk to a loan officer to find out specifics for your area, and speak with a financial consultant regarding exact numbers for the credit stuff.
Best of luck to you
Best of Luck!