Or do I put in some 'gold level' plan for insurance. 

Good contractors are like gold.

It's adjacent to the JW Marriott and Ritz Carlton Reserve and Residences, gold course and ocean views galore.

Am I missing some vital factor here involving the components of a short sale.

The major thing I always think is vital in any purchase, whether you're experienced or not, is having a great team of advisors around you.

What I would do: I'd buy a gold claim and grubstake an adventurous person to mine it for a split of the gold with a very low overhead operation.

In some high crime or low income areas the scenario mentioned might be gold for an ideal tenant versus what else a landlord could run into.Big difference in renter pool for 100k house and 500k house. 

That experience will be vital later on.

Check out FPM Properties or Advantage Gold Realty for starters. 

I want to share my first small but vital success that my wife and I had recently.