Jason, major congrats to you.

One is that when you walk into a house you need to know what the major components to look for are.

Attending several local RE Meetups, it seems that's where the majority of low priced deals are being made since Charlotte has gotten so tough. 

Because of major foundation issues, I have not yet decided what I am going to do with it.

, unfortunately that is not the case, I see many of you on this site looking for deals in big cities and other properties that just aren't going to preform as well when the next crash happens (Biiiiiig Speculation), but in all honesty if your not investing in areas where the majority of the population collects a paycheck every month for the next 4-6 years without fear of a stock price or layoffs then your request on the forums seems a little pointless.

@Matthew A Brady If your father is going to sleep there the majority of the week, I suspect it can be argued that the property will be his primary residence allowing him to qualify for a Fannie Mae loan with only 3% to 5% down.

I think you're ready to purchase a tax-deed the major down-fall is that too many foreign investors and small capital groups come in and buy the best properties near or above market value....There's a bunch of posts on tax-deeds its just you have to spend sometime  learning how to title examine (this is a key skill you will have to learn).1/2) These properties are being "foreclosed" by the local government - in general its state specific for instance in FL it is true they can be redeemed until the second before sale however after you're pretty much done for (however if its a valuable property and any of the previous owners in the chain of title have a bit of cash to throw around you'll be forced to defend yourself in court which can be pretty expensive).

You can of course improve this general rule of thumb by:1) putting more money down to lower your monthly payment2) buying down your rate to lower your monthly payment3) get a cheaper insurance quote to lower your monthly payment4) use a different product with a lower rate for a lower monthly payment like a 5/1 ARM FHA5) if you're in a historic district you can apply for property tax exemptions which lower property tax and thereby lower your monthly payment like in Orange, Ca they have a Mills Act which reduces the property tax to about 1/10th of the surrounding properties.

It's common expenses in a good working condition or may a major item  need repair or replacement any time soon? 

Yep, all the reo’s will Also be on mls, and/or at least on the major REO auction sites.