Also, what are your thoughts on using contractors who refuse to provide anything but a "total cost" estimate, as opposed to itemized list of job costs?

Newbie question time, I guess..With my offer on the table, will I still be able to negotiate it pending inspections and construction estimates?

Do you have a estimated date of downturn?

You need payoffs or estimates.

Don't depend solely on their repair estimates, actually have your guy or yourself walk the property to get a solid number.

If you qualify for down payment assistance, there's a chance you can essentially purchase a property with no money out of pocket and not have to pay any costs out of pocket as your tenants will cover your expenses (if everything goes to plan of course).

If you get a chance Scott, would love some clarification on how it helps to set oneself back a years worth of savings to restart and get on track to 100k.

That way he knows you're calling his bluff but giving him one chance to move out, get some guaranteed money, and protect his reputation. 

When I say knowledgeable I should clarify, I would like someone who has the ability to provide opinions and rent($) estimates.

Currently I am in the due diligence stage and looking to get estimates of what it costs to build per square foot.