I have heard HUD inspections, getting certified contractors, appraising, etc. can be an arduous process.

HUD's inspection said everything was OK as far as MEP but recommended a foundation inspection due to an uneven floor.I can go all in and get the whole thing inspected but it's going to cost me about $700 or I can just get the foundation inspected which is $100.

Or do those companies inspect the mechanicals before charging that $50 price a month?

If I were to get the property assigned to me, do I still have opportunity to do inspections and will I have an ability to terminate?

I will tell you though that one of the banks biggest fears is going under deposit and it not closing, so if they think one offer may have a high likelihood of falling apart, they might be able to justify that it's better to take the definite cash deal now (if the numbers are close).If you want this edge, be sure to make an all around SOLID Offer:- 10% Deposit- Proof of Funds- No Mortgage Contingency- No Inspections- Close before the end of the month.If the offers are very close, with these terms you might have a chance .. but if your $5-10k+ less than the 203k Rehab Loan, they will probably take the rehab loan.Also keep in mind that in most cases the banks do not care if you have inspections, or a mortgage contingency. 

The purpose of the inspection would be to look at properties for acquisition.

My first suggestions would be, after you do your inspections, have the seller do all of the repairs.

I typically use a 15 Business day inspection period and "This Contract is contingent upon Buyer's partners' inspection and approval at the sole discretion of Buyer's partners any time before the inspection period ends.

Have you physically inspected the property yet?

The building's steam heat system was the one aspect of the building that I did not intend to immediately replace given that the boiler is only 9 years old and passed inspection before closing, but it has been a recurring headache during my 5 month's of ownership.