Alternatively, should I just wait until 2020 when interest rates are higher and prices are lower to invest? 

Properties will be old, most on the historical registry, cap rates will be 4-8%, & prices high. 35204 will be lower prices & somewhat of a forgotten area of Birmingham.

I understand this will lower my credit score and as multiple lenders each get my credit score/report, I am concerned that it will heavily impact my credit score negatively.Are there strategies that you recommend to workaround this or is there a way to do this effectively without heavily impacting your credit score?

One would be to lower purchase price to cover those expenses and get work done after settlement before winter sets in and causes even bigger headaches when things start to fail. 

Under the new tax cuts and jobs act, the same income amount is now in a lower marginal bracket.

Income counts also; even though lenders and appraisers look at comps, a higher or lower cap rate will still affect demand greatly.

Would those initial expenses factor into lowering the offer price?

I have been nervous about meeting the required time frames if a loan under writer wasn't able to recognize the urgency or possibly create contingencies which change the deal.Thank you!

My mom is selling her home and I am considering becoming the buyer for two reasons: 1) She would sell it to me at a much lower price than another buyer. 2) I can see how I can take it and turn it into a profitable cash flow property.Let me explain: It's an old 1 family home that is very small BUT the lot is big enough to completely demolish the current home and build a house that can easily have 4-5 One Bedroom Apartments which can go for $1,300-1,500/ mo. in the town where the house is located. 

If you can go lower because they are going to have longer term interest, maybe try for that.