Planning to make an offer on a Short Sale property Advice sought

For some time now I’ve been searching for a multifamily property that will be owner occupied by myself. To add to the craziness, I’m a first-time homebuyer and have recently completed a landlord class.
The property I’m interested in is a 4 family house. I did learn that the current owner paid $342,000 for it in October of 2006. It is now listed for $299,900 as a “short sale”. Market rents are $3250 mo. including me paying myself rent.
I know I will be competing with investors for this property. What should I be aware of with a short sale?