In my opinion the most important piece to the real estate investment puzzle is the ability to use the banks money. 

From my knowledge people use commercial find partners or find local banks.

Gorham Savings Bank and Bangor Savings Bank offer loans in that range, as well as NBT Bank which is relatively new to this area but well established in surrounding markets.

When you find something, are you more wanting to talk to the owner or the bank?

Also, I fully understand that you can't possibly explain in one post how it all works, nor should you even if you could, but more interested in the path to develop the vision to be able to spot and execute on such things ...

I'm not sure if I would bank on appreciation too much in Philadelphia right now.

One thing that you can do is create a joint bank account and then both put the funds into that account.

Can you briefly explain how/what you invested in post Katrina?  

I would talk with a local bank first to discuss it.

I want to buy another property with bank financing once again, and I am not a DIY guy, so that rules out foreclosures where one pays cash sight unseen.