@Abdul Azeez, I think that the problem is that you are stacking the deck against yourself trying to do all of these things on your first deal:1) Purchasing the property from an online auction site / bank, which is notoriously tricky even for the experienced investor, due to their proprietary contracts and minimal due diligence period and strict deadlines.2) Working with a new contractor that you haven't used before, or seen their work before, and who may not be used to dealing with investors.3) Trying to get conventional financing on a property that has a short closing time and where the mechanical systems cannot be tested.4) Working on your first deal by yourself instead of partnering with a local investor who can guide you along, or at least a mentor who you can turn to with questions.My advice is to make it easier on yourself by considering buying a property with a standard contract and longer due diligence period, network with local investors who can provide you contractor contacts and also some guidance, and consider using private financing or hard money instead of bank financing.In my opinion, buying from the online auction sites is a more advanced strategy that you can use once you are able to ballpark construction costs yourself and/or you have a trusted contractor you've worked with before and/or you have private financing or hard money set up so you can close fast and/or you can purchase the property without interior access and hope to get lucky in terms of condition (but still buy at a price where you are comfortable doing a full rehab if necessary without losing much money) and/or you are familiar with agreement of sale contracts and closings in your state so you can assess the risks of using the bank's seller-friendly contract.You're already doing the right things by asking questions on this forum, and taking action.  

@Justin FraserI'm slowly building up a turnkey-company with a more concierge approach for out-of-state and foreign investors.

I met with the guy in person the weekend after and asked him to give me a more detailed estimate (at least the high ticket items).

They will only work with properties that are deemed habitable and safe.As Caesar pointed out, somebody who can put down cash may be a more appealing buyer, but on the other hand, if you don't have to put anything down, you may be able to come back with a higher offer that beats the cash offer.

Not sure I'm following 100% but your ROI will definitely be higher on a more leveraged property.

Once they're out and in a more affordable place, it works out for both y'all.

I'm only pre-approved for an FHA loan, so I have to follow a more conventional financing route.  

Now i'm married, have three kids and a wife that want me to retire.I'm usually the jack-of-all-trades and Do-it-all-by-myself guy, but in order to advance at a more rapid pace, it helps to have a support group. 

Hi all,I recently decided to start my journey towards a more stable financial future and after reading some books and looking in to real state i stumbled upon BiggerPockets podcast.  

Now there are obviously many other ways to find deals and if you want a more detailed approach feel free to PM me and I will give you a more specific ideas based on your more detailed picture of what you want to do.