Help with offer on OO fixer

[Sheree H.]

Our situation recently changed and we need to move. So I've been looking for an OO home with an investor mindset, which has been conflicting. We plan on living there 2-3 years and then turning it into a rental. I'd like advice on this just-listed home.

It's in NE Atlanta, where every newly listed home has multiple offers within days, and goes pending in about a week. It has been listed for about 8 hours, and I've already seen the house. Comps are 236K and 222K. It's listed for 130K short sale. My personal max budget is 170K.

It has water damage, no mold (that I can see or smell), from what looks like a tree root messing with plumbing causing a backed up toilet. The yard is sunken next to the sewer clean out, which is next to that evil large tree. The bottom half of the drywall is cut off in half of the house's interior walls, and carpet has been removed.

There is also a leak in the ceiling from the upstairs main bathroom.

I have a fast agent, and I want to make my offer ASAP. I have no experience with rehabbing. Is it possible to get this house at 130K and fix it with 40K? Do I need to make a no contingencies offer (which makes me nervous because I don't have 130K cash in case my lender doesn't come through)? Can anyone in Atlanta advise me?