Short Sale ??? ... Should I ?

[James Taylor]

Hello Every one.

I was offered a Short Sale already listed in the MLS in an area that I am interested in, but Not sure if I should do this since it would be my first deal ever. The List Price is $305,000. The Comps Average is $540,000 with 4 properties sold in the last 3 weeks. I plan to offer $250,000. And I have analyzed the deal for Flipping very conservative with Running costs for 6 months and Repair costs of $140,00 ( including 5% contingency). I estimate my ARV will be at least at $530,000 . Leaving $140,000 of profit.
Am I missing something ?   It  Looks to sweet to be truth..
Can you please give me good tips on things that I should be careful about in the Short Sale process in NY?

Thank you