My question is: If a home is purchased at the foreclosure auction; when does risk of loss pass.  

I just got an email from the husband mentioning his work schedule was changed and he wondered if it would be ok that just his wife did the walk-through.Not to be so conservative, but in today's litigious society, I feel a bit at risk with only myself and the female spouse doing the walk-through without the husband present.I'm sure I'm not the only one to face this dilemma.What is your experience BP?

Most banks will not use rental income from an executed lease involving a family member...but again, that is only if you are refinancing.Feel free to ask more questions if you need.  

I've been involved in the Indianapolis and Kansas City markets, which are two very affordable markets, but I can tell you that nothing in an area that you would want to invest is only $40K, especially with the surge in pricing that those markets have undergone the last few years.

@Sam MillerWith a relatively small number of reputable providers across the country, choosing the right firm to work with usually involves going outside one's local area. 

There is a lot of work involved in acquiring a property.

Since you are an insurance analyst you already have an insight about property valuations and risk involved.

This will likely involve a regimented program of sending letters, physically getting out and spending time in the neighborhoods you want to buy, and networking.  

I'm looking into buying the first investment property, and it seems like the only thing I can afford at the moment is properties from a low-income neighborhood without putting me into significant financial risk. 

This is not uncommon as most small developers try to avoid involving the City in light renovation, but this seems to be more than light reno work.Is there a way to still make this deal work?