1292 Peach St rehab job

Wow, 70 degree day with blue skies in Memphis today. A few days ago i posted the property inspection report on 1292 peach street. http://reporthost.com/hardcoinvestments/1292Peach/
Well i was scheduled to close on peach street tomorrow but due to this property inspection i went and got a couple of electrical opinions and the consensus is that it will be a pretty expensive job. Now i was going to pay the seller $82,000 and another $3,500 as an assignment fee to a wholesaler for bringing me this deal. Well a couple of issues like electrical and the heat and air conditioning are not up to code so i told the seller i cannot close based on the property inspection. i usually make no contingencies on a deal but in this case since the home was large and almost 100 years old i decided to make that a contingency. anyways i went back and forth with the seller and while i have done fifty other deals this is the first time i have ever gone back to a seller and renegotiated. i have heard of many investors who use the property inspection this way but most of the time i am comfortable with my own inspection. Anyways we agreed on a new price of $66,000 which was a $16,000 drop and i am still going to close tomorrow. I have budgeted $49,000 for the rehab which is as much as my biggest rehab budget to date. be looking for more info on the progress of this rehab. Make sure to be checking RealEstateTeleClinic.com for updates.