@Regina Joners you should only need the hand money to make the initial offer. it sounds like to me you have the purchase and rehab finding in place.

Unless you are prepared to finish a rehab project or flip you will be at the mercy of the borrower.

Sell it as-is while the market is hot without addressing the foundation.If you go out and get more bids for repair, those will need to be disclosed if you eventually decide to sell which will hurt your sales price.

It needs a total rehab.

I will be posting this same post in the Rehabbing Forum Category as well..I'm looking for some help thinking through some pros and cons of wholesaling vs flipping. 

I am trying to push a deal to her as the property is odd and not really appropriate for a traditional retail buyer since it would require significant rehabbing in order to work as a rental or owner occupancy. 

You can buy nicer rent-ready properties that will attract higher quality tenants and have a good property manager managing the property (5 minutes per year time spend), or you can buy a total dumper that needs rehabbing and then you can landlord it yourself (up to hundreds of hours of time spend).

They agreed to $450K and this contractor thought it'll make a good rehab.

I'm not planning any rehab so not sure why ARV would be relevant.

inherited" tenants like yours are probably waiting to hear from you, so send out contact emergency info and have them respond and include with next rent payment a updated contact sheet,, I'd make an appointment to tour inside of each unit with condition sheet,, the condition from your date of ownership is now what you use for condition move out.. so once that's completed you now know which unit would be tops on your list to rehab and offer an early out to.. if that's a consideration.. you can of course let all tenants know the rent will increase to $$$ when their lease is up and you are accepting 30 or 60 day vacate notices early, they'll be prepared.