The property is in foreclosure, but the home owner is still interested in trying to salvage whats left of their credit & not lose the property.

I won't buy one sight unseen. 

So if you have one blanket loan for all of your properties, you lose some control.

I am 23, my question is should I wait for the market to go down which could be a year or more (or maybe never) or buy now even though I may lose some equity?

So you don't want to lose a months rent, but that will seem rather insignificant if this goes south, which it might well do. 

It is highly likely that I will lose my job.

The more profitable exit strategies, the more options, the more ways to make money and the fewer ways to lose it ... true for any investment.

At these prices, you aren't going to worry about losing money because you bought at such a low cost.

Also, they recover more slowly, yet they will also bring really great returns, and as long as they are not rust belt states losing jobs and population in a major way, they can be very stable.Going further out from primary cities is also a great way we kept our marbles.

And if the seller can't or won't deliver clear title, you should be able to get out of the deal and not lose your deposit.You might also want to find a good realtor to guide you through some of this and explain the ins and outs of the offer/contract.Good luck!