This particular situation depends on the language of the inspection clause....either you have to show there is a major defect, or as is more common, like most standard Realtor As Is contracts, you may cancel for any, or no, reason at all during the inspection period.

Anyway it is extremely laudable that you took such a bold plunge into real estate investing without the relevant experience, not a major issue though as there are many here that would be willing to guide you. 

Don't know the risk of doing any major renovations within that time,mcreating some "equity" above the auction sale price.

I'm currently working on getting my real estate license through a course online.

...or through a service online like auction.com?

I've learned a lot already from various online sources and books.  

Most leads are online or direct mail these days.

You are bringing a major convenience to the seller, in that he doesn't have to wait 6/12/18/24 months to get his house sold or worry about marketing to find sellers, he can walk away and have it off his hands in a matter of days/weeks. 

Per online sources I also found this, "The average American mortgage refinance costs between 3 and 6 percent of the home loan's value.

I narrowed it down to my major strategy/criteria.