Also rent comps in the area range in the median of 1400 if brrrrNow my questions are what are some of the drawbacks to buying a short sale if any? 

Only drawback is you must work with a major bank to receive, but I dont think to send.

The next one knocking could be ready to move in much sooner.I have tried the open house style and while it was interesting, there are some drawbacks. 

Rent prices in some areas are still affordable but they can have their drawbacks.

I figure that since the property is a short drive to University Circle, Cleveland Clinic, and very close to universities, it may not be a huge drawback.

Real estate is great, and can earn great returns, but it has its drawbacks.   

The only drawbacks I can think of are being a little further out, so less options as far as contractors and vendors, and of course fewer buyers and less activity.  

@David Hagen  Here's a general outline based on my experience as a response to a similar inquiry:Thanks, but investing in rural has its drawbacks when trying to sell; hence, the great deals!

I'm also looking to establish an S-corp and pay myself so that I can show income, the drawback is that I would have to pay tax on the income which I've already earned.  

One drawback for me was the property tax rate for PG county seems to be high which in turn cuts into monthly revenue for a rental.