A regular flip should take just a few months.

Worse, what about unexpected personal losses not even related to real estate (job loss, health issues, catastrophic event, etc.)? 

Revisit your goals on a regular basis and adjust as you learn.

But it was still funded by a regular mortgage person on the consumer side of the bank.  

It will be a short pay off, but still they want to get whatever money they can.If you want to buy this short sale, get a loan and purchase it as a regular purchase. 

But it's not a regular person looking to sell their house like the class taught, it's a frustrated land-lord. 

If it was me, so long as the tenants have been there for quite some time, they have record of regular payments, and a low tendency for trouble making, I would much rather take the paycheck than the negative cash flow  straight out of the gate. 

This work for rent sounds bit extreme, but I have definitely heard of legitimate, capable workers who is willing to take a discounted pay for 1) long term, regular job and 2) dree housing.  

But it's set up as a regular ACH processing through my bank.

TWIN CITIES METRO:The Best of Times May Be NowLocal industry observers agree: the Twin Cities rental market is humming along smoothly with all the usual health indicators still flashing go.