Buying a Bank Re Po 101

[Sara Peak]

I am looking at purchasing a bank owned repo, small multi family apartment. This will not be my first deal, but would be first Re Po. HELP! What are the red flags I need to look for? What are the most important things to consider and look for with the property and the deal? It is being sold As Is. I am able to get into the property tomorrow to kind of take a look around and see what I'm dealing with. I obviously want any offer contingent upon a good inspection and an appraisal... what else? How can I tell if the bank is anxious to get this off the books/know how low I can offer?

Thanks for advice!