Foreclosure and General Info

[Sean Spear]

So, I am a brand new investor and I'm considering jumping in with two at once.  The issue is that I have 5 months in a commission based job, so I can't get a conventional mortgage until 2 years. I also don't have tremendous cash reserves.

One is a cute home that the wife and I will live in for a year, 145K list and the other is a foreclosure listed at 37K.

My questions are these: what challenges will I face buying a foreclosure? Is the price negotiable? Will I be able to score both of these deals if I have a strong co-signer? What else do I need to keep in mind? 

Thank you!