Conventional Mortgage Requirements

[Travis Bobo]

Hey BP,

I am currently working on locating my first deal.  I am looking to buy and hold and we are looking at property in the 50k to 100k range.  I have A+ credit and will be able to put 20% down.  Most everything we have looked at needs some, if not alot of repairs. We have seen alot of "as-is" properties.   My question is: With a conventional mortgage, what is the tolerance for condition of the property and repairs needed?  

Thanks

Travis