So even purchasing this current price with an inspection contingency makes me nervous because the inspector could miss things and i can get screwed again!

What contingencies regarding the tenants do you have in your contract? 

I offered $75k with inspection contingency.

If you have an inspection contingency in the contract, you can decide to walk if it's too much, or you can ask for concessions (but it's still a seller's market, so if you ask for concessions the seller might just tell you to walk.)

Make a budget, add a contingency and you are good to go!

When I see homes going Pending more often than Contingent, especially on a short time scale (<14 days), to me that's a good indicator of a hot market with investor activity. 

Did I have an exit strategy, and or prepared for any contingencies 2.

If that is the case, when you are walking the property choose which side/unit of the property you would like to live in and when making the offer, have a contingency where the owner has to remove the tenants from that specific unit.

Don't allow financing or a finance contingency (it can be a good indication they are selling above market value) Don't allow for your own independent property inspection Are not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors) Require you to pay for any renovation upfront Sell only in cheap. low end neighborhoods Don't accurately represent the neighborhood/property classification Don't have consistent rehab standards for all properties Don't provide a scope of work for the property Can't provide references of repeat investors

We were aiming at doing in a live in and flip on this propertyHer offer was 12k above list price as there were multiple offers, our offer was acceptedWhen we viewed the property the home was winterized, and there was no power of water on.We really like the location, and planned on doing full remodel as the condo had a lot off potential.The utilities were turned on for inspectionWe just had inspections done and the HVAC unit was not working/cooling down the space, there were a lot of smaller items but the HVAC issues warranted further investigationWe then proceeded to get HVAC contractor specialist for further inspection and they said it could be repaired but since this unit was 2005 unit is is highly recommended to get a brand new unit as the reliability of the old unit and the repair is not guaranteed We have now decided that we would like to back out the deal while still in time period for inspection contingency, especially since we are offering 12k above list price, the new HVAC unit could cost in this range or aboveWhat's your thoughts on our decision, our understanding is that seller(bank) will not negotiate due to bought "as is" What are chance that they would accept a different offer?