Love your wife, but help her understand and see the financial benefits of sacrificing now for the comforts and freedoms that early sacrifices will make in the long term. 

Assuming the financials make sense to do this of course.  

Are there other legal or financial consequences I should be aware of?

Once pre-approved, gather your financial documents like pay stubs, tax returns, and bank statements.

I guess you could offer up your property OOS, not sure how an affected victim would get there, if they have financial means, they could fly there or drive there, if they still have their cars. 

Certainty in this industry is merely an illusory facade - costs and timelines often exceed expectations by double.

@Rory DarcyRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Below is some copy & paste info about our methodology:----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I would think in most situations the original owner is in financial trouble, probably delinquent on their mortgage and facing foreclosure.

Bigger Pockets is a great place to find a real estate tax accountant.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.