Nothing wrong with investing there, but just understand that things are typically "cheap" and "expensive" for a reason. 

Reason is what happens if the home needs repairs, do you have $ to cover it or if prices dropThey also will typically want a personal guaranteeYour best bet would be to find someone you know as the conventional private lenders will view this as too risky

This will help people connect with you after determining how their goals, services and resources align with yours.As you continued getting onboarded and acclimated here on BiggerPockets, you'll have tons of questions about Real Estate...

It depends on who services the 401K plan.

I've found that typically in those markets, you are buying a property that is likely to appreciate less over time compared to other markets, but are consistent in bringing in cash flow, which sounds like is what you are looking for.

Now they're a full-service broker. 

And finally what do they charge for so you can decide if the difference in service/rent/repairs are worth the difference in fees/costs. 

If she were to still be on the loan after you have done whatever you do, typically she wont have the debt counted against her debt ratio on a new mortgage after you have been paying the mortgage from you account for 12 months or more.

You've got your answer above, but you COULD do an exchange if you put the property in to service and held it for a period of time. 

This is what we typically do at our brokerage when there is a due diligence period:1.