Confused about FHA/short sale/coop pros and cons

[Aron S]

I am new to investing and ideally would like to find a place I can rent out or maybe live in one room and rent out the other. I currently rent myself so moving is not an issue.

I have done some reading and some looking at different places in my area and I found one place that seems to be a good deal, its low cost and doesn't seem to require a lot of repair.

Some concerns is that from the description it says it is a "Coop, FHA approved complex, short sale."

Some people say avoid coops and others say short sales are great and I have heard mixed things about FHA approved, so overall I don't know if this is a place I should spend more time looking into.

Some factors
The price has dropped about 30% in the last year (and the value seems to be lower than comparable places)
I have great credit and putting 25% or more down wouldn't be an issue.

Any pros or cons or other factors to consider would be good. Pointing me to a website that has clear information would also be helpful.

Thanks

Fairfield County, CT