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. 

Due Diligence - how quickly can your inspector get out there and turn around an inspection?

Partially due to bad contractor, partially due to my lack of inspection on the buying side.

After the inspection, and requesting all things be fixed, the owner has come back and said that they will lower the price to 69K and that they will only fix what the lending appraiser says needs to be fixed.The unit currently has a renter paying $650 a month that wants to stay.

The property was in good shape and passed all inspections.