sgezine,
Sorry for the slow response....
If you need an accurate number for repairs and you're not able to come up with a good guesstimate yourself, hire someone to do it for you.
You also need to be aware of potential mold issues since you're in Texas. Even if it's not the dreaded toxic kind, just the presence of mold can cause potential problems. Have there been any water damage claims on the property? Insurers track that information.
So, my suggestion is don't pick some random percentage discount to make an offer. Instead of "hoping" you have a deal for a rehabber, know that you do.
Another route would be to take one or more of your buyers through the place and let them make you an offer. Then you can go to the seller with a firm number based on that.
Yes, there was a new rule passed stating that FHA loans on properties owned less than 90 days are prohibited. In general non-government assignments should not be affected if done outside of close. I don't believe VA allows assignments in Texas anymore (due to so many "investors" not closing on them), but I'm not sure about that one.
hope it helps...