With that said, while I'm not looking to get sued, between having the appropriate policies and legal advice, I think we can get through this first purchase without any catastrophes.  

So glad you've lived smartly and saved along the way to prevent your loss of a w2 as the breadwinner from being a catastrophe. 

All of my offers have limiting clauses on inspection that say I will only readdress or ask for credits in the event of a major (or catastrophic) foundation, structural, electrical, plumbing, or environmental issue.

They're extremely dramatic, and everything is catastrophic. 

Interest rates could rise and it would hurt but I don't believe it to be catastrophic, I could most likely cover the increase in loan payments with cash flow from the asset investments (buy assets not pay for liabilities right?)

In terms of Big Box retail, there's been shifts, but nothing catastrophic.

If left unchecked the wall could eventually collapse inward with undesirable to catastrophic results.It may be possible to brace the existing wall to halt movement and/or support the building to allow that section of the foundation to be repaired/replaced.  

Get a formal inspection report so that you won't be blindsided by anything catastrophic that you might not be accustom to looking for.

Just my thoughts based on things I've heard.I don't see the prices in Salt Lake metro dipping too much unless there is some catastrophic blow to the national economy.I personally have put my capital on out of state deals that cashflow well, but don't show much promise on appreciation. 

If catastrophic(financial collapse) you will be liquidated and could be on the hook, although unlikely.