The key here is your employment status.

While due dilligence would still need done to ensure the quality of the deal (it is in short sale status), I am a newbie and my concern is that even if it did turn out to be a great deal, that I would not be able to get financing for it. 

Without a title commitment from a reputable title company (one YOU choose, not one that the Seller chooses), I wouldn't even consider this.My first step would be to call the Treasurer's office in El Paso county and inquire who, in fact, has title to the property and what the status of the tax lien is.  

These activities do not jeopardize the IRA's status as a prohibited self-dealing transaction would.

We have a person in the Social Service department that frequently calls us about vacancies for section 8 apartments.

Be humble, work hard and forget about having a social life outside of work for the next 5+ years.

Mohit,I am in a similar position in regards to being outside of the country.I have chosen areas close to Universities as a revenue generator and an exit strategy.Even if the city or town once had financial difficulties, that is the not necessarily the case for your business as you decide which market demographic to chase.A city that has gone financially bad may be good business as they may try to get rid of their inventory of social housing.Look deeper into your business plan for what you want to get into and what you want to get out and what is your exit strategy.Best of luck

Book list: Relationships: Tuesday's with Morrie Social: How to win friends and influence people Challenges: Mans search for meaning Dream: The Alchemist Sales: Swim with the Sharks without being eaten alive RE: Rich Dad Poor Dad Spiritual: The power of NOW Random: All I really need to know I learned in kindergarten Seminars: Zig Ziggler and Tony Robbins

I'm going to try a graduate from newbie status asap

In the Property tab, use:- Property Type = SFR and/or the typical house types you are looking for- Equity % = at least 40%... 50% or higher is good- Total Assessed Value = the ARV range for the properties you seekUnder the Options tab:- Select Owner Occupied Status = Absentee (we use both in & out of state)From there, use filters to help you get to the size list you want, such as:- Property tab >> Length of Residence, Last Market Sale Date, and/or Year BuiltYou may discover that some filters are not available in your area.