For properties that will be purchased in cash, do you only have to do this if the property is being funded or does it still need a house and termite inspection?
A property can have an inspection contingency whether it’s being financed or is a cash purchase. Now whether you want to risk not having the inspection is up to you. For our company, we prefer to have inspectors come in every chance we can. It’s so easy to miss something that ends up making the whole deal unprofitable or leads to losing money on it.
Termite letters are only required from traditional lenders. Not that you shouldn’t be looking for termite damage on cash sales. If you are inexperienced hire an inspector or GC to give you quotes.
Whatever the situation, is it recommended to INSPECT the Property 
If you are paying cash you don’t need an inspection. You should however have a very good understanding of what you are getting into so should have an inspection for your own benefit.