FMV would be completely dependent on the condition of the property.

If your wanting something like student housing, the options are almost endless (emphasis on the almost)there are great locales all around the country depending on what you're okay with and what your goals are.

It depends on how much cash you have and your tolerance for doing work.

I don't want to go below a Class C neighborhood, as I want to ensure I can attract dependable tenants in an area that is safe. 

Many of them cap at a much lower LTV compared to a primary so it would depend on how much equity you have in the property at the time.

Depending on your current credit situation, some private money lenders are starting to do DSCR loans on STRs.

@Lenita Higgs,A little late responding to this, and I'm sure you already found your answer but just in case, the answer to this (Cash or Loan) really depends on your long term strategy. 

Your Credit Score: 680+ or 700+ will get you better terms depending on the lender. 660 is the minimum for many lenders.

Of course if there is no capital to command at all because of some terrible circumstances then there is no hope for any solution and they default to being the victim of whatever circumstance is presented.There are many different ways to handle a foreclosure situation depending on the circumstances.

Okay, then there's a lot you'll want to think about depending on your other income and your financial situation.