Inspection revealed issues

[Dan Beck]

I’m a first-time homebuyer. I saved up money for a downpayment and with the help of a real estate agent I found a multi family building. With plans of occupying one unit and renting out the ones, we made an offer and the sale is currently contingent.

Unfortunately, the inspection revealed some structural issues that might be a liability. A reputable general contractor estimated the repairs to be in the range of 70-80k. The property itself is being sold for 850k (originally listed for 900k)

Since I have no experience doing this, I have a few questions and I hope somebody can share their own experience.

What’s the best way to approach the seller about this? Is it worth to renegotiate the sales price? Or ask the seller to fix the issues prior to the closing date? Or maybe do both? Another option seems to be ask for a credit so I can hire contractors to fix the issues after I purchase it, but the amount of allowed credit won’t cover it