Short sale question

[Daniel Brown]

Hey guys! I have a couple of questions about a short sale. I originally found this property on the mls for 80k. It's actually in a really good area in the city and it's near a couple of schools. The arv comps for this area run conservatively 205-210k. A house on the next street over sold back in June for 225k. Also rent comps in the area range in the median of 1400 if brrrr

Now my questions are what are some of the drawbacks to buying a short sale if any? 

What are some things to watch out for when buying a short sale property?

Can I give a lower price to buy than the initial price on the mls? 

Thanks in advance!