Here a few links you might want to review to get a better understanding of your options:
CA's "Protecting Tenants at Foreclosure Act" - need to know info!
ht ... more
It's a great time to get a loan right now, low interests rate and low home prices. Couldn't ask for anything else.
Regarding the short sale, the listing agent should be ab ... more
You need an agent that will know the area(van nuys) and know the inventory so you will not spend your money for the wr ... more
Then interview the potential tenants and make a decision.