Ospina I've only heard good things about Sarasota, and understand there is a lot of uncovered opportunities down there.

Thanks, Sarah...already uncovering some. 

http://www.heritage.org/Research/Reports/2009/09/Obama-to-Spend-103-Trillion-on-Welfare-Uncovering-the-Full-Cost-of-Means-Tested-Welfare-or-Aid-to-the-Poor

They can back out if they uncover something they don't like or can't secure a lender and/or terms that are favorable.

realtors listing REO properties ..has it been uncovered???

The key is to get most of it right and have a contingency clause in yoru offer (inspection period) If you uncover some major item missed in your initial walkthrough, you can back out or re-negotiate, no harm, no foul.

To my delight, the current owner revealed that she removed a board on the second floor and uncovered the old staircase to the 2nd floor!

I have been researching real estate for quite a bit longer than that however, and feel like I can uncover most issues myself.

Welcome to BP John Donovan, lots of great stuff to learn here at BP, just start seaching in what ever interest you and see what you can uncover.

After some back and forth ended up settling on $850k.The inspection then uncovered more issues I wasn't aware of: roof needed to be replaced, drainage clogged, some wood root in a few places, a lot of the exterior lighting was non functioning.