With 15 years of investing behind me, I'd say it is quite possible to loose big money investing in real estate.

Without an inspection contingency, it means you can have an inspection for information purposes only, but you are still bound to the contract regardless of the outcome of the inspection.

You can do it yourself, but I don't think it is worth the hassle to save a little money.If she does fight you, expect to loose a few months of time while you work through the system just to get to the judge. 

If they are your own the laws are a little more loose. 

Our tenants just moved in to a fully renovated B+ property and during the renovation the gas hot water heater was jarred loose and unknown to us started leaking.

I have a few loose ends to tie up with my broker and then I can get to work! 

So, I'll hang loose for a while and watch for the pick-up.

@Joshua Birk  Thanks for clarifying my comment--my comments were perhaps to loosely stated as I was only attempting to get at the gist of the issue and not be technical.  

There catch 22 in this is that even if your insurance company indicates that you will not be covered for liability as a result of injury the insurance companies are not bound by FHA rules. 

CapEx is a must or you will loose all gains when the roof or furnace needs attention.