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Seeking recommendations on whether or not to continue with contract or cancel

Hi everyone,

I'm a first time home buyer, that's also engaged.

We found a home, that was originally bought by an LLC to be flipped.

There are some great pros to the home, but also there are great cons as well.

Pros:

  1. Great kitchen
  2. In our price range
  3. Has a great backyard
  4. Plenty of space for us to grow our family

Cons:

  1. Previous foundation work done, that was not comprehensive, so this could lead to further costs
  2. The home is from 1960, there are galvanized pipes in the home, that already show signs of needing replacement: low flow, leaks
  3. I see somewhere between 20k$ to 50k$ of contracting work for various issues after the big two mentioned.

I can't tell whether to continue with further inspections by specialists, or to walk away.

What would you advise?

submitted by /u/dijonmustard4321
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source https://www.reddit.com/r/RealEstate/comments/1k50b1y/seeking_recommendations_on_whether_or_not_to/
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