Jacob, Typically the downstairs owner would have to establish that you were negligent in order for your liability coverage to kick in for repairs to his unit. 

You don't mention if you have any experience in lending, repairs, sales or have a huge bank account so it is impossible to guess if you would be successful.

As a result, a lot of people are selling their homes because its too expensive to repair and many homeowners are elderly and retired.

I've noticed a steady increase in the frequency of unsolicited mailers I receive offering my buy my house ("why worry about repairs, we'll buy you house as is, all cash, quick close" etc., etc.).

Hi I am looking at a home in a flooded area that is selling for asking price 150k (can probably go a tad lower)  tax appraised value was around 300kish ( I know since it has been flooded the value is more like 80% of that number).I have about 50-60k and will get the rest for purchase and repairs from family.I really do not know how much repairs would cost but It can get pricey I am sure .

They contract the property too high, then state too low repair costs, then wonder why the deal doesn't sell.

I need to know what repairs for existing issues will cost and am looking for a VERY THOROUGH home inspector who can uncover even the smallest issues before I am locked in to buying the house.

Estimates I have for this repair are around 20k.

They have millions or billions to spend...and don't worry about repairs at this point. 

Purchased 125k foreclosed. 3/2 1720 sq ft in Canton, ga. budget for repairs 25k (kitchen, baths, floors, paint both interior and exterior).