Purchasing foreclosed property as your first investment

[Melissa Loupeda]

I just started looking at foreclosed / pre-foreclosed properties in Boston and getting really excited. I want to temper that excitement a bit because I understand there's a considerable amount of risk involved. I just want a sense of what factors I should be watching out for when it comes to foreclosures. Are these properties to stay clear from when you're first building up your portfolio? As I understand it, there's considerably less protections for buyers and less due diligence state agencies have to do. Just curious what folks think / if anyone has purchased a foreclosed property and when (i.e., when you already had cash flowing properties) 

I'm excited because some of these properties are in good / growing areas and are at a steep discount. What I'm worried about is the actual conditions of the homes / whether they'll need a lot of TLC.. among other things. 

Thanks all!