This would ensure that the money would go nowhere except to the bank.  

I expect that the property has to be ensured under it's own account and cannot be listed under my personal residence policy.

I've recently started working with a few investors and was wondering if anyone had a few tips to make them happy/ensure its a smooth process.

Also, one tactic I have used in the past to ensure a seller's agent or seller doesn't sit on my offer waiting for other offers so they can have multiple offers and ask for highest and best is to put an expiration on the offer. 

I believe its called the sustainability rule to ensure the building could sustain itself in the event HUD probably has to take it back.With regards to qualification yes you can use 75-85% of the income to qualify as income but not "netted," against the monthly obligation.

When we made the offer I specifically asked to ensure appliance are conveying, and that it is included in the contract.  

This will ensure you actually get the lower price.

Any tips and tricks on ways to ensure that it's a good buy When there's not anything to compare it to?

You can't create an LLC and buy it with that entity because the short sale lender will want to see the corporate docs to ensure they know the seller (or listing agent) is not the actual buyer. 

how did you find the contractors and ensure the costs?