Yes, you can do a short sale on an investment property. I've a Realtor but also an investor and have made several offers on short sales that weren't the owner's primary residence. Please keep in mind that a short sale can be a very long process. Even after you receive offers, it can take up to 6-9 months for the lender to come back with an answer. If you are behind on your payments (or not making any payments), the property could actually foreclose before you can make a short sale. I would contact your lender on Tuesday and get information from them on starting the process now.
Bette Butz Realty, Inc.