The property was built in the 1950's and had cast iron pipes.

It sounds as if she might be focused on status symbols for the short term and you might be more focused on financial stability.Better to iron this out with some long term joint goal setting before purchasing anything.I am a bit offended that almost all the responses you got talk about buying things "for" your wife as opposed to making an informed financial decision as a team.

The entity part is not that difficult, but make sure to iron out all the details with the title company as their could be surprises.

It's ironic because many NY & CA investors are buying deals for 2-4 CAPs at $500 to $2,000 per square foot in their markets, and our MOST expensive deals in Chicago are $300-$400/SF, maybe $500, but many B & C  class deals are in the $60-$150/SF range...

Ironically, before the issue came up, the seller asked to close one day earlier because he was going out of town and I happily agreed without asking for money. 

The other(the one that caused the damage, ironically) is being very difficult.

But I do find it interesting and ironic the level of skepticism that is involved in real estate education.  

Up until now you're sewer drain had to be cast iron.

With that confidence you can move on to bigger properties that ironically you won’t have to manage because a property manager does that job.Doesn’t matter when you start, just take the first step.Best of luck.

I find it slightly ironic that I chose red, white and blue to highlight the text of the FOMC release as I do not believe what I am witnessing in the financial markets is anything close to patriotic.