Spacious common areas and a quiet neighborhood.I’m drawn to this tenant group because traveling nurses often make great renters—employed, responsible, and in need of temporary housing.

That's a horrendous fallacy and a weak mindset to think that real estate agents are buying the best multis.

Hiring a contractor to assist with repairs and a property management company to manage rental.

Most are performing well and a couple of them are in the middle of dealing with evictions. 

In addition to conventional loans and FHA loans, if either you or your wife are veterans, the VA also has a rehab program.I'd be happy to discuss my rehab experience both as an investor and as a mortgage broker, and at least help you think through your options. 

You want an area with a good rental pool and a good property to rent to them.

Once you find someone willing to let you shadow them, approach it with professionalism and a willingness to learn.

Id keep looking if it was not an approved short sale ( even an approved short sale takes a very very long time and theres no guarantee that you will even close on the house after months of waiting). q1)There are plenty of non traditional lenders that could offer you construction financing if the numbers make sense but it will cost you with points and a higher rate.

This sounds like a home run and a great first purchase!!

It’s a blessing (the reason you found real estate in the first place) and a curse (you probably get distracted easily on what asset class to focus on).