First property under contract!

[Rosston Smith]

Hello BP community! I offered on my first property yesterday, and after a little haggling my offer was accepted. It is currently a 5 unit 2,242 sqft multi family home located near downtown. Its technically a duplex at the moment, and is split up to 4 bedrooms on the left side, and 1 unit on the right. I will be financing through a 203k loan to pay for repairs, and have been pre approved for the loan.

As of today, all parties have signed and the Binding Agreement/Due Diligence period has begun. I have listened to all 177 BP Podcasts and read multiple real estate books. (Gary Keller, Steve Chader) so I have a 'solid' basic foundation to get started.

Imperfect action over perfect planning!

So I'm going to take everything one step at a time and document it all. First, I need to know how to go about this 15 day (starting tomorrow) Due Diligence period for home inspections/ Termite inspections. Is that all its used for and what else should I look for? Also, should FHA carry that out, or should I go ahead and hire someone on my own and pay out of pocket?

Also guys you don't have to waste your time to give me a detailed analysis, I can dig on my own. I just need to be pointed in the right direction. Ex. Book titles, links to guides/articles, etc

Thanks! =D