First Deal... Offer submitted (15k)

[Shaniqua Dupree]

Here are my thoughts. Am I on the right track? Am i missing anything. Do i need a realtor? I have a title company.

Well i have a plan for this home i want to purchase. I submitted my offer today for 15k and was told that ill get an answer in a day or so.  Its ultimately going to be a rental. I am getting an inspector to look at it tomorrow. If they come back and say that to much is jacked up then i wont get it. If they say that only a few things need to be fixed then ill get it assessed and see how much its worth and then get a few bids for rehab costs. I have until Aug 12th to pay back the 20k with no charge. So if i decide not to get it ill be ok. If the assessment comes back to be above 90k in worth then ill purchase the property and get a refinanced loan and pay back the 20k and use the rest to fix it. Most refinanced loans are 70%-90% of ARV so itll be 60k to 80k they would refinance for me. The county assessment record for 2015 says that the property was assessed for over 100k but i want to be on the safe side and budget low. The property is going to be a rental so i wont need to do much to it. I can even do some things myself. Like painting and laying tile and even putting in floor boards and crown molding. Id give myself a 30k budget but i really dont think ill need that much. Im not trying to be really fancy. The home is in a good area but not amazing. I intend on putting a section 8 renter in there or a tenant who would take a 2 year or more term. The home is a 2 unit home but i want to convert it to a single family because the block is no longer being utilized as multifamily homes. Mostly single family. Its a nice block close to baltimore county line near forest park.

If things seem out of order please let me know. I am pretty excited to have my first rental. Thanks in advance.