My current credit isn't great due to some unforeseen medical expenses, and my salaried income is $60,000 per year.Thanks to all ahead of time!

Anyone have any advice for pressing past this fear- I'm concerned we may get in the home and it need some huge unforeseen repair pushing our budget up by say $50K (worst case scenario). 

There are too many unforeseen consequences with so many decisions. 

Such a figure allows you to make the reward worth the risk and also allows for minor errors or unforeseen negative occurrences.If you are all-in at $45k and sold for $65k, your gross spread is only $20k and then you have to pay resale costs, acquisition costs, debt service, and holding costs.

Remodeling these homes can lead to many unforeseen issues. so a contractor with experience , I would hope, can help me avoid this pitfall. 

Hi Mark,So what I gathered was that they were trying to liquidate the property as fast as possible due to some unforeseen circumstances..ex death, divorce, etc...

If the home is 15 years or older I would increase this amount due to more unforeseen problems that may raise their ugly heads.

Make sure you account for holding costs, closing costs, and lee-way (in case of unforeseen work that needs to be done).Also, be careful with condos, FHA restructured their requirements for condos and some associations won't meet the requirements (particularly for non-owner occupied properties).

You make sure your offer is low enough to cover unforeseen expenses.

There are many unforeseen issues that arise with C class property.Please see link of a blog I recently wrote for Bigger Pockets about the different asset classes - http://www.biggerpockets.com/renewsblog/2014/06/28/abcs-real-estate-asset-classes/Thanks and have a great day.