I have recently uncovered an off-market deal on a 29-unit apartment complex and need some help looking at the numbers and the potential pitfalls. 

Like any area it has nice spots and not so nice spots.

He patched it up thou which was SO NICE of him.

My thoughts were, rent out the upstairs apartment, rent out each bay as covered storage for boats or rv's, rent out uncovered boat/rv storage on the remaining fenced-in land until I can get some storage buildings up.There are no storage facilities in my (very) small town right now.

It's definitely a cashflow deal and plenty of cushion with leverage, just I feel I paid a bit of a premium since its in the "nicer" part of a not so nice area that is right next to a nice area.

That way, if the inspection uncovers potential issues you can re open negotiations.

If I wait until a property is under contract before paying for an inspection am I still able to back out of that deal and get my earnest money back should the inspection uncover things that are beyond what I was prepared for and/or expecting?

If you want to uncover hidden gems on MLS, consider.. at least consider getting your real estate license - else you are at the mercy of your realtorGO NATS !

Haha, Well, I decided the fan was so nice I would hang it in my living room at home! 

There are a million more things to uncover.