Sadly my mastermind group is all outta state and I'd love to create a meetup closer to home.

Typically when an FHA inspection prior to close is done, at least one (if not more) items will come up that the seller has to fix before you close.

You should always get a home inspection which will identify anything major.

@Chase Gu The first thing I would do is get them inspected and get an estimated replacement cost.

Negotiated price of 115,000 and found some inspection issues so negotiated further How did you finance this deal?

Property Info:Purchase price: $100,000Estimated Rehab budget: $25,000ARV: $180,000Profit Before Costs: $55,000Extra Fees on the buy side:Closing Costs on the buy of an estimated 3.5% = $3,500No realtor needed for the buy = 0TOTAL: $3,500Hard Money lending detail: 115k loan @ 12.99% for 4 months w/ origin fee & draw fees3.9% Origin fee on loan of 115,000: $4,500 (rounded up)12.99% Interest Rate for 4 months: $5,000 (rounded up)Draw Fees: $1,250Misc Fees (appraisal/commitment/inspection): $1,000TOTAL: $11,750Holding Costs (insurance, utilities, lawncare, taxes): $250/moTOTAL: $2,000Selling Costs: Closing Costs Estimated at 3.5% of ARV: $6,300Buyers Agent Commission of 3%: $5,400Other Misc Expenses: $1,000TOTAL: $12,700Summary+55,000 Profit before fees-   3,500 Closing Costs on the buy- 11,750 HML Costs-   2,000 Holding Costs- 12,700 Selling Costs--------------------------------+  25,050 Profit after all fees are deductedDid I miss anything here?!

I've done inspections of our priorities and literally couldn't walk in rooms to inspect it.

I’m getting estimates from contractors closer to 20k.

Maybe your first step should be to have a home inspection (as you would with any property purchase) to get an idea of what is actually needed.  

Or should I send a letter to the landowner letting them know that their property is not what I am looking for and to keep me in mind if they come across any other properties that are closer to my criteria?