Most of the key points have been identified above.

Anyone been in this spot before...and was there a factor you could identify that lead you down one path or the other?

The key for me has been consistency because there is no solid pattern on when a bank will open at a low amount.  

I've had some success investing in condos in Canada, but I cashed out of the market because prices are totally ludicrous.Anyhow, I've identified some multi-family properties in the Omaha area .

Frankly I would take less rent for that kind of student in this place but they are hard to identify. 

That does NOT make sense unless there is an identifiable reason. 

I don't understand why they even identify it as Homepath since it means nothing.

He was able to identify good properties once I had my parameters dialed in better (initially I was casting too wide of a net).

I am not an lawyer (and I do not play one on TV ;-)) but I went looking on masslegalhelp.org and found this nugget on Federal public housing:Federal public housingIf you are applying for federal public housing, a housing authority  must deny your application if it finds that:A household member is currently engaged in illegal use of a drug, or the  Housing Authority has reasonable cause to believe a household member's illegal  use of a drug or pattern of illegal use of a drug may threaten the health,  safety, or right to peaceful enjoyment of the premises by other residents.1 The Housing Authority has reasonable cause to believe that a household  member's abuse or pattern of abuse of alcohol may threaten the health, safety,  or right to peaceful enjoyment of the premises by other residents.2   Importantbefore denying a person housing based on illegal drug use or alcohol  abuse, a housing authority may consider evidence of rehabilitation3.Any member of your household is subject to a lifetime registration  requirement under a state sex offender registration program.4 Any household member has been convicted of the manufacture or production of  methamphetamine in federally assisted housing.5 Any household member has been evicted from federally assisted housing for  drug-related criminal activity within the past three  years.6   ImportantA housing authority can also let your household in if the person who  engaged in the drug-related criminal activity has  successfully completed a supervised, approved rehabilitation program, or if the  circumstances leading to the eviction no longer exist—for example, the household  member has died or is in jail.7 In addition to the automatic denials listed above, a housing authority  may deny applicants "whose habits and practices reasonably may  be expected to have a detrimental effect on the residents or the project  environment."8 This means that a housing  authority has wide discretion over whom it allows  into its federal public housing programs.

I've identified Jacksonville Fl as an attractive market.