Also with a property manager already in place for the whole complex, I am assuming I would only be cashing in checks and signing repair bills. 

It has no bearing on what price the lender will agree to.Points to know....First, use an Experienced short sale Buyers agent....there are just to many things to look out for in a short sale.Find out how many mtgs/liens are on the property....many times a buyer has to pony up extra money to satisfy a junior lien holder, above what the first lender will offer them.Assuming all paperwork’s has been submitted, expect 30-60 days for bank to do a bpo and accept=counter your offer.Submit a gc repair estimate with your purchase agreement.If the comps are $200k, you’ll never get it for $80k unless there is a serious documental $100k problem with the property.

You'll immediately gain property management experience, rehab experience, acquisition experience, and experience in assessing the quality of assets.That sure sounds better than stuffing money under the pillow to pay off debt first.

The loan is $130,000 with repairs and the ARV is $208,000.

Hopefully I can find a reputably seller with a quality stove at a reasonable price.Tchaka - I hadn't thought about 1/2 and 1/2, but that is good option as well.

I already know there is damage on one side that needs repair and am willing to forego charging the tenants for damages if they vacate by the 20 days with no further damage from the time of the inspection.

Many times, they will tell you they will do a loan to a certain percentage (first time renovators are generally at 80% of the purchase price and 100% of the renovation) and the loan cannot exceed 65-75% of the after repair value or ARV. 

The following home is in an awesome location, built in 2015, and is not in need of any repair (it's basically new condition, so I left the "after repair value" the same as the purchase price).

., you'll have to deal with expensive repairs while hoping your home's appreciation will come out positive.If the market corrects and you have to hold on to the property longer, you could be losing money from having to handle repairs while you wait for the home price to go up.Forced appreciation through rehab is your way to minimize these unexpected costs, not speculative appreciation.

Here's the breakdown for those who are wondering;House purchased at 140k with 20% down (28k)Rehab/Repair costs:  $3100 of my own cash, $2100  (paid to me at closing) to the painter from sellers for the remainder of the exterior paint job  PITI Payment:  $861.00Rent: $1570.00What does everyone think for my first investment?