Needs more work than led on

[Jenn Kabahit]

Hi! New investor here! We just closed on our first investment property and we jumped right in with a quad plex. As a newbie, and one month into owning , we (husband and I) feel like we def jumped in with our eyes wide SHUT! property managers are not keen to take our property on because of its condition, but we managed to find one who will work with us. Our sellers disclosure looked good on paper and when our agent went over the inspection report with us, he didn't let us in on how much the property needed work. We signed on the dotted line and now that we are here the pm we are working with said that it needs way more work than anticipated. Our agent negotiated us a credit for one aspect (floors) but given the true work that really needs to be done is there anything we can do at this point... like arbitration to cover costs of actual work that needs to be done. We also recently got notice from our home Insurance that they are cancelling our policy because of exposed wires discovered by their inspector. Our inspection report does not even mention or show pictures of exposed wires. 
Any advice would be appreciated. 

[Bruce Woodruff]

You might have somewhat of a case against your Home Inspector - they have E&O coverage (Errors and Omissions), but basically this is a buyer beware game.

You can report your Agent to their Broker as well, if you really think they were negligent or unscrupulous.

See what others say though, I wish you luck!