What should i expect on a Short Sale property?

[William Huston]

Hello All, 

I have personally never bought a Short Sale property before, but recently I have been searching for a new house to buy, because the place I am renting is possibly changing in the near future, requiring me to find somewhere else to live. I have a bit of money saved up that i was planning on using on another rental, but i have had poor luck with finding something that meets high enough returns in the current market as of lately. After searching and viewing a few properties and making lots of offers, i have come across a townhouse that in a short sale with an approved price of 155k, but similar properties in the section have been selling in the 180-185k range. Its been on the market for a while, so i keep seeing it listed on my searches, but not taken a look at the property because of the short sale tag. 

My question is this. What are some essential things i should ask for or expect if i make an offer on the property? This property would turn into my new primary residence. I am highly thinking of house hacking it also, because its a 3/2 and I'm just solo by myself. 

Since there is an approved number already, is it wrong for me to ask for a lesser amount, based on just looking at the pictures it needs some tlc like new carpet and paint.