Low 600s or high 500s may be impossible to approve. 

I may not be thinking of buying the property, but if the bids are too low, should I just not make an offer?

Also in the price range you are considering you are running a high risk of having a low quality experience.

Hi @Sarah KhanCapital View area is up & coming and continues to experience growth with low median days to contract.  

These can be "conforming loans" like FHA/VA for low down payment.If you don't live in it then it's similar but it's considered a commercial loan and you will likely have to come up with more down payment. 20%-25%

We were thinking of moving to Vegas since Nevada does not have income tax or Arizona which has very low income tax.

I believe that you can put a fourplex that you will live in into an FHA loan, which will keep your interest rate quite low and your downpayment low too.

I've been listening to the podcasts and started reading "Investing in Real Estate with No (and Low) Money Down" and looking forward to making my first move.

Finding someone who can work for $150/sf may be possible, but that will surely come with headaches and additional costs, that would also be a project finished with very low end Home Depot type finishes.  

Construction ObjectivesThe budget for construction is 105k for the following items:Fix 4 of the 7 units (5 units currently vacant, 4 needing renovation and 1 needing a tenant)Add coin-op laundry and storage units.Add driveway for tenant use.