Unfortunately this is the nature of condos and co-op's (and the reason I steer clear of them)  The fact of the matter is unless the unit is used as a primary residence it's going to lower the value of the building in general.  

I'm looking for someone to guide me and steer me down the right path.

Short sales and pre-foreclosure homes have so many moving parts like bank bureaucracy, appraisals, competent agents skilled in negotiating short sales with banks and steering through bureaucracy, when things fall behind schedule.

Thanks for that suggestion.I think I'll heed everyone's tone and just steer clear of Memphis for the time being.Another occasion that I'm really thankful for the BP community!

Its a tough time to buy warehouses as traditional lenders are steering away from commercial/Industrial properties.

That being said everyone has there own ship to steer

Hoboken is the only one I would suggest to steer clear from.

Like @Tim Herman said, I would tend to steer clear of condos as well. 

I would appreciate connecting with any investors/realtors in the area that could steer me in the right areas/neighborhoods. 

I think that is the safest way for me to be steered in the right direction as far as becoming an investor in real estate.