I know there is a lot of value in having an inspection done with a free-standing home/structure as this takes into account foundation, structural, etc. 

Would it allow me to back out for any reason, or just for something major (i.e. foundation, fire damage, etc)?  

Also, we are going to have to sink money into our basement for foundation, tuck pointing etc anyways.

Just don't count heavily on appreciation as the foundation of your projections.

Plan on pressure washing entire building, fixing any loose/missing vinyl, paint window trim as needed , paint foundation slate grey, repair handrails ( paint white) , paint all 4 doors black, and add modest landscaping to improve the outside appearance of the property TOTAL spend budgeted $10,000 for Repairs/ Upfits DEAL DETAILS: Purchased through a brokerOriginal asking price was $130,000 we were able to get it under contract for a $110,000 cash offer because another person who was trying to buy it kept it under contract for 3 months and the owner was ready to close fast.

If you were to live in it as your primary residence first, and then turn it into an investment later, you would need to make sure that it is permanently affixed to its foundation (ex. bolted down, not just strapped down or sitting on cinder blocks).

There are not plumbing, electrical, roofing, of foundation issues.

I feel like I may have taken on more than I can handle with my first purchase and am seriously considering selling the property and starting over with a single family home or two until I can establish a better foundation for myself. 

The short of it is, I have a double wide trailer, approx 18 years old, on a brick foundation, with a Fannie Mae 15 year loan.

Also how would I find a contractor to build foundation, hook up, set up etc...?