Renegotiate purchase price after inspection?

[Darsh Patel]

Hi everyone, 

I just got an inspection report on a rental property that I am buying and have an accepted offer on. It came back with a lot of minor fix ups that need to be done. I didn't expect this many things to fix up so I wanted to ask... is it common to renegotiate the purchase price after doing an inspection? I'm thinking about just taking a grand off just so I have some more funds to get the repairs done. Thoughts appreciated! Thanks