"Replacing some siding" is very subjective, and can't really be bid over the phone, where "Replacing all the siding and wrap on the entire house with xxx sqft of surface area" is complete enough for a ballpark.When it comes to repairs, it can be very difficult to bid things without seeing them, so keep that in mind when calling contractors.

I'm not stuck on this specific property, just seemed like a good value on the surface.

Do you put a higher offer just to get under contract, knowing that you will lower your price during the inspection period as problems surface?

Yes, the law is clear on many fronts, basically, Lonnie Deals are dead unless you use a mortgage originator and a loan servicer.The SAFE Act and Dodd Frank are pretty well discussed here, but take great in who you listen to.We will have to wait and see how aggressive regulators are going to be, but understand, it would be nearly impossible to write a bad loan of some kind with a balloon payment that won't surface and become known.

@Jeffrey Bass Yes don't get me wrong though, there are good ones out there, you just have to scratch the surface. 

For instance, a few years ago a commercial property popped on the market for $450K (and it came with an adjoining, buildable lot). 

I'm just scratching the surface.

I have a duplex less than 100 feet from a growing university and it sits on a land that has 2 other adjoining lots, both of which I own.

. - most new investors don't realize that there is plenty of money available to those who have a deal - so they fall on the sword of " I don't have the money to invest"   - on the surface  this can be a real deal killer for the uninitiated. 

My name is Brandon Trafford and I am a new real estate investor surfacing from Central Massachusetts.