And, someone who doesn't understand how to evaluate a property, will probably end up buying it.

I can understand the hesitation, but it is common practice. 

I don't understand why?

I am currently in the process of obtaining my first buy and hold property..my only dilemma is which route to go in order to finance the property..to give you guys an insight on my scenario I have good credit (740+)..access to down payment money (10,000-15,000)..no prior investment history..Im not sure if I can do a conventional loan because my debt to income ratio may be too high and from my understanding (correct me if I'm wrong) Hardmoney lenders are typically better used with flips and rehab properties..can anybody help me understand my options to financing my first buy and hold property😩..thanks, Shane

I understand your hesitation though - 19/20 of the agents I speak to have no idea what I'm talking about and don't know what a deal looks like.

There are some lower priced (I understand "cheap" doesn't always mean "value") condos in my area, and after running some numbers, I feel I can rehab and rent them out to cash flow in the low hundreds (after expenses, commons, etc).Anyone have experience in this before?

As I understand it banks tend to look for 6 months of seasoning prior to refinancing.

How important to read and understand a title report before buying a tax deed property? 

It is my understanding that Risk of Loss passes a the time title is transferred?  

I think in your specific example your wife may need to do some further research to understand the state of the market (where I live you have 24/48 hours to make an offer although it's cooling down).