If it helps at all it does count as interest and you can write points off on your tax returns (but please consult a tax professional for the specifics).

So look for things to verify what you know about the property. i.e. count the gas and electric meters, etc.

I would look at the file to see if any borrower contact had been made, and if they were amenable to paying, or issuing a deed in lieu, and do a quiet title for ~2500, but I wouldn't count on it.

Yes with 2 members, even though you are married it is partnership, and that means filing a F1065 or 1120S in addition to your F1040, but I have no idea if there is a way around by switching to sole member and counting your wifes income as maybe an outside co_signor or borrower or the like?  

My question is will this count at our first home buy?

But as it has been mentioned in some of the other posts also, that it is not always feasible to approach these professionals for every property that you are trying to analyze, so my question here is how do you evaluate it at the beginning of the deal so you don't find yourself crossing your fingers at the time of appraisal while selling your property! 

Count yourself fortunate to have this 'problem'.

CloudSee below in a state I work in Oregon.. again the only one that counts in this matter is the department of real estate in the state your working.. so I get a e mail flyer JUST like realtor would do..

Actually, we got more than our monies worth because it went over schedule by 2 hours ...Ok, that part wasn't the coolest, at least not to my dog who had his legs crossed by the time we got home :P I agree with @Luc Boiron and @Larry Smet's points, and if I may add, some parts of it vaguely reminded me of 'that time in Mexico' when I got nabbed by timeshare sharks lol Sharks and such aside, it was an incredibly informative and motivating event - and yes per @Michael Ramzy, lots and tons of note taking!! 

Like if there's a porch that you have to cross and if it's littered with junk raise it don't think about it twice.