Matt,
Congratulations on finally getting in the game. I remember the day I said, "Yes, I can DO this," and it was a great feeling to close my first deal soon thereafter.
I like your approach here. If you can buy multi-families right, I think you can do very well. Your numbers sound great: $2,700 in monthly against an $80,000 price sounds great. It's almost too good, though, so make sure you understand ALL of the expenses associated with this place. Get copies of the leases, too.
In answer to your question, yes, you absolutely have the right to include a full inspection on the property before you go to closing. Whether the bank will let you do that or not, I can't say. I would assume that they are eager to move the property and will do what it takes. However, they could be offering it at a low price without letting you inspect it -- sort of like how you would buy a property at a foreclosure...you're being asked to roll the dice. I would not do that for your first time out.
As far as getting qualified, there's only one way to do that -- talk to a mortgage banker or broker and see what they will do for you. If you can kick in some equity, you will have a much better shot.
Remember this, however...there's a reason that this property ended up in a short sale. The landlord could not make his payments, even with that supposed $2,700 in rental income coming in. Sure, he might have overpaid and had 100% financing, but even so, he should have been able to make the payments unless he had other obligations and his whole business sort of imploded. Bottom line, though, you need to try to determine WHY this property failed for the previous owner before you decide to take it on.
And don't forget to ask how much, if any, you're going to be liable for in terms of security deposits. You don't want a tenant moving out in a month and telling you that you owe him $450 for his security deposit.
Lots of ways to get burned here, but lots of ways to make a nice monthly income, too. Good luck!
