Not unlike builder contracts favor the builder, I want my contracts to have terms and conditions favorable to me, depending on which side of the transaction I'm on. 

I show before/after pictures showing all new flooring, kitchen, baths, etc.You want a good condition rating and don’t assume the appraiser will know that you just replaced the roof, put in new counters, etc.Tell them everything!

@Saji Ijiyemi a primary residence isn't an investment so it is harder to say, if it followed the only $27k repair budget it might save you the other $25k off of buying turn key, but the repair budget isn't set in stone (could change) and if you have FHA financing they probably won't let you buy it due to condition anyway. 

@Bruce ScannellThank you, the properties that I see up for auction that I am really referring to are very nice properties, pretty rich neighborhood so I know that it's not the condition that makes it un-financeable; so I don't know what other reasons it may be.

Twitter and any other social media platform represents the future of advertising and client engagement and we are increasing our social media activity every day. 

If any of these cause water to escape fromplumbing, heating or air-conditioning system or household appliance, the Underwriters cover damagecaused by water.

As @Patricia Steiner said, in my state, an "As-Is" contract allows the buyer to walk away for any or no reason during the inspection period, while the "Standard" contract allows for the seller to remedy certain items to "working condition" and does not necessarily allow the buyer to back out scot-free.If you aren't sure of your contract, consult your Attorney, Realtor, or title company for some direction. 

But now we’re trying to decide if it’d make more sense for us to start with the BRRRR strategy on an investment property first and then look for a multifamily primary residence later given our situation and the market conditions.  

I calculated that the ARV is $450,000 and that the repairs would be $100,000-ish - it doesn't have city water, air conditioning, or working appliances.

It is a bit tricky of a situation, as the previous owner gave me the lease he had created with the tenant, but did not have a move-in document showing the condition of the unit.