I have been listening to the Bigger Pockets Pod-casts and reading Rich Dad Poor Dad so I think I am setting a solid foundation for myself.I want to learn everything I can so I can hopefully break in to this industry after I graduate.

I'm sure there are tax and legal implications with ownership, her level of participation, etc. that need to be considered that I am not sure of based on the scenario/situation/result that I want.Of course, I should consult a tax and legal professional for my specific situation, but I wonder if anyone here on this forum can directionally give me some guidance on any possibility in my situation here, so then I have a foundation and basic background to pursue.  

If so, can you go and check it out and take good pictures of damage and structural foundation, roof, exposed interior, and neighborhood.

They rank in the top ten markets for entrepreneurship in the 2015 Kauffman Foundation study, and all four are in Emerging Trends 2016’s list of top 20 markets for real estate investment and development."2016 Market Rankings"In this year of movement, the Emerging Trends in Real Estate markets-to-watch survey reveals a new number-one market as Dallas/Fort Worth climbed four spots from last year’s survey to take the top spot, leapfrogging state rival Austin in the process, which remains in the number-two spot.

Big cracks in the foundation walls (if it has them)? 

You could send them a Bid for foundation issues and they will try and claim that its cosmetic.Have you had to escalate ?

An inspector might charge you a few hundred bucks, but that is worth it when you consider you might end up having foundation work of several thousand dollars, wood rot, termites, even a roof issue.3.Don’t do the work yourself.

"The RING"(real estate investors networking group) is found at meetup.com A REIA is a real estate investor association

I have seen a few houses the foundation is completely junk,toast. 

Prior to the downturn, there were FOUNDATIONAL issues which were evident (but ignored by folks making a lot of money) and which were causative.Right now, there are just normal ebbs and flows of the real estate market.