Here is how I think a short sale works, please let me know if I am correct?   

Student rentals are a different beast and have to be evaluated differently as turnover needs to be timed and management needs to be correct for this product.

Nothing to do with ethical or politically correct reasons.2 contractors, both same years in industries and both have identical knowledge and skills.One has one leg the other 2.I am hiring the one with 2 legs, because he will probably be faster, less likely to get injured on the job, etc. etc.These are just facts.

If and when the economy corrects many smaller tenants will likely go bust (I'm not in this space but it feels like sound rationale).In a correction people will cut back across the board but the last thing to go is food and shelter so I see MF as a much safer investment. 

The correct answer is they would not when a General or Special would suffice.

I did this very early on in my life and it positively changed my live path in a few ways. 

I can't seem to determine how much it could sell for if it was all fixed up correctly.

If it’s priced correctly for the condition of the house that roof and water heater condition should be built into the price.

LOL is correct. 

So if im understanding correctly you put what the seller would have seller financed as a down payment and took a 2nd mortgage from the seller after closing?