First Property First Visit

[Bryan Watson]

Hello all,

I am scheduled to go see my first property today and wanted to get some advice. Yesterday I told the seller I wanted to bring a contractor with me to see the property. He did not want me to do this and said I should bring them through after it's under contract. Could he be hiding something or is this how things work? 

Should I get the contract signed if I think the house doesn't look too bad and then have a contractor give me estimates? Do I get a title search completed following the execution of the contract?

The seller wants the buyer to pay all closing costs and July RE tax. Should I offer to pay RE taxes for July if I cannot close before they are due? Should I state that I want 30 days for closing in order for me to perform my due diligence? The seller did state that is a high water bill outstanding that he would take care of. Should I include payment of this as a contingency before closing?

Is there anyway to back out of the contract if I believe this wouldn't be a profitable deal after receiving contractor estimates? 

Based on my assessment of the property, the numbers seem to be good. The ARV is $170,000 ( which is below comps in the area) and he wants $65k. I would expect make $5k on the deal so selling price is $70k max which leaves $49k between rehab and profit for the end buyer considering 70% of ARV is $119k but I know the final numbers depend on the contractor estimates.

Any feedback or tips are greatly appreciated !