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).

Though it also takes time so you need o understand that trade off. 

This is just the beginning of my research and I understand a lot needs to be looked into/evaluated prior to purchasing the land. 

I would love to understand this situation more, if anyone can help. 

It becomes a self fulfilling prophecy of sorts.