Option two would be to have items repaired by licensed contractors to acceptable construction standards verified by an inspector of your choice after work completed and before settlement is done.

. - Your agent should be able to provide guidance, in my state just because something is past the end of it's useful life doesn't make it part of the items we can request repairs for. 

These expenses may include mortgage interest, property tax, operating expenses, depreciation, and repairs.

Abstract fees (abstract of title fees).Charges for installing utility services.Legal fees (including title search and preparationof the sales contract and deed).Recording fees.Surveys.Transfer taxes.Owner's title insurance.Any amounts the seller owes that you agree to pay, such as back taxes or interest,recording or mortgage fees,charges for improvements or repairs,and sales commissions.Settlement costs do not include amounts placed in escrow for the future payment of items such as taxes and insurance.3) if there were other costs incurred to acquire the house such as if you spend money for tax advice, tickets to fly to look at the house( or milage)  and such also gets added to the basisGood luck

The wife swore she saw 3 cats (all black) & after finishing the repairs she spent an hour searching for the 3rd cat.

. #1) Sell it to one of the people who made an offer to the old owner and do no repairs at all.

We were looking at using $40k to buy the first house (down payment, closing, repairs, etc).

Primarily I build custom furniture, as far as the home improvement side: general home repair (doors, drywall, paint etc).  

I an 16 years old, really interested in real estate, and want to start but too young. What can I begin to do now so when I turn 18 I can begin right away and be ready. I have already read a couple books on real estate...

Should the offer price factor in that new water heaters will be needed in near future, the new paint, new carpeting, and front porch repairs that will be needed?