Should I go ahead and close?

[Account Closed]

I have been waiting to close on this MF deal since January. The seller is a non-profit and is relocating the current tenants prior to closing. There is one tenant left that is dragging her feet but her lease expires on April 30th. They were supposed to have her relocated by April 15th but the new place is not ready.

The listing agent and I have come up with an idea for the non-profit to lease the one unit from me (until it is vacant) and let the current tenant sublease from them so that I am guaranteed payment until this tenant moves out....even at a higher monthly rate than I will get when I place my own tenants.

This way, I can go ahead and close and start my remodel.

I see two issues and I don't know whether they are big or not.

1) I can only get builders risk insurance on the complex before the remodel is complete and I have at least 50% occupancy. What kind of risk is this with one tenant on the property and construction going on?

2) What if she decides she just can't bring herself to move (as is the case--- she cries all the time about having to move)? The non profit probably won't want to keep paying me forever and I would eventually have to evict.

Should I just be patient and wait the two additional weeks?