I would inspect the unit every 6 ish months.... 

What're the most expensive repairs involved in an inspection rpt?

As I consider the process, I think the inspection and the title company are the two entity that helps the long distance investor the most in the buying process.

Inspect property for all necessary repairs and any potential deal breakers5.

When you have it under contract, you can look to wholesale it during your inspection period. 

I should have had the home inspected prior to purchase to have a better idea of the true scope of work.

I should have had the home inspected prior to purchase to have a better idea of the true scope of work.

At auction I do my homework (title search, comps, visual inspection of the property).

Investment Info:2 BD/1 BA Single Family Home in Evansville, IndianaPurchase price: $66,016Cash invested: ~$25,000This is a turnkey property that was purchased initially at $70,000, however due to some repairs that came up on the property inspection report the price was amended based on the cost of those repairs.What made you interested in investing in this type of deal?

Most standard contracts already have an inspection and financing contingency built in, so just because they weren't discussed in detail with you doesn't mean they aren't there somewhere.