That would be my #1 choice.

My overall REI goal is to acquire an investment property every few years so that when I retire in 15 years or so, I will have enough passive income to augment my pension allowing me the choice to continue working or not. 

I've been advised that finding good Hard Money lenders is a smart route to go because my ability to pay 20% on a conventional loan is limited, at this time.

Especially if you have an appraisal to show him there is no other choice.

If bank is smart they will know that they will lose more money by going through with foreclosure versus shorting it to him, no?

RE absolutely rocks, particularly when it is smartly leveraged.

The risk here is that you may be buying into the height of the market, so you may not be that much better off in terms of preserving your equity unless you get a good deal in a smart location. 3.)

I have lots of clients in the same boat- just getting started and trying to make the best possible choices as they move forward.

The second choice should be about your profile picture.

If you are looking for business professionals then the downtown area would be a good choice.