I should have made it clear, I  meant that if the lien was negotiated or paid. 

Keep a fluid timeline, and always have an out, and backups to that out with your properties.

I wasn't sure what was meant there.

CAP rates are meant to compare investments, so as long as you are not comparing a real CAP rate to one you compute without management costs then no problem.2. 100% financing is a risky proposition.  

Sorry - my "triple the deposit" was meant to illicit making sure it was sufficient to alleviate your concern (plus the rules were a little different in NYC and I sometimes forget!). 

But I thought she meant after the bank had approved the short sale.  

This meant the rental demand is not there and you won't strive in that market as landlord. 

Not meant as legal advice but simply my layperson understanding of contract law.

@Peter S. and @Jedd Braunwarth When I said underrated, I meant the city in general.

I have some ideas, private short term mortgage is the only option that seems feasible, I am still pursuing this so in the meant time I'm trying to come up with other options.