Short sales are purchased the same way, but you would want to make sure the side representing the short sale property has an experienced team and you use an attorney (Illinois is an attorney-driven state) that know what they are doing regarding short sales so you do not spend money you do not need to and you can get out of the contract if the process drags too long. 

Have you already "Driven for dollars" and sent the potential distressed properties a letter?

I am a forward driven creative, innovator, musician and serial entrepreneur.

@Brad Martindale - I lived in Amarillo, seems like I have driven thru Dumas a few times...Just looked it up...it has a whopping 15,000 population! 

Plan A is to rehab the property into efficiency/studio condos and sale.

@Llewelyn A.

Nevertheless, @Eric A. is correct that your mortgage company will require it if you have a loan on the property.If it makes you feel any better, many (maybe most) of the other vacation rentals in your area also will be paying for windstorm insurance. 

I'm looking for seasoned investors in or near the Newburgh NY area to mentor me and show me the ropes of REI.I'm available every other Saturday and Sunday.I'm a nurse by trade a fast learner,very proactive and have a new love for real estate.I work two jobs now but have flexibity in my schedule duri g the week days,and a I mentioned every other Saturday and every other Sunday.I'm for experience oppose to pay.

Ai, Yu

It's more like a stupid non-data driven emotional decision for a complex social problem.