I bought pretty much turnkey; I probably overpaid but idc (I shouldnt have major capex for a long time) I'm cash flowing around $150 /door.I know many people who are having problems with some tenants so Screen carefully and you should be okay.

And, God willing, after realtor fees, etc. there was a $50,000 profit.  

I would like to take the profits from the sale and purchase another property.

Do you want profit?

It's located near a quiet historic downtown with high house prices, but it's also only 2 minutes from the on ramp for the major highway which I believe is a good for commuting to any of the 3 major CT cities that are within a 30min drive from this location.

I am an Accounting major with 3 semesters left at UVU, I have many cousins, Aunts/Uncles, grand parents, and parents who all do real estate (mostly buy and hold in Provo/Orem). 

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.

The offer depends on what your desired profit from the deal is and what your end goal for the property is (flip, wholesale, hold). 

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.