I'd also recommend having a conversation with a loan officer so you can understand your financing and what your preapproval limits would look like.

With regards to the above conversation, as I might be going through the same situation soon.

You should sit in on these conversations.

Tell anyone and everyone what you do and be intentional about your conversations.

I'd appreciate any feedback on what you think is in store in the coming months/years. 

Thanks for sharingSo the seller agreed she misinterpreted the conversation but was willing to move forward since the contract was clear.

I have financed the acquisition of a property that was to be converted in to a retirement home.  The term of the investment went a little longer than expected, and I was just paid out my interest for the initial debt ...

And per a recent conversation I had with @Andrew Postell - you may be able to do even higher; though I would caution about the impact on your cashflow.If you don't already, be sure to get out to a number of networking events. 

Get prepared to have those conversations...

Love that you found this deal by taking massive action - Most people wouldn't have taken the time to spark up a conversation with the neighbors to figure out the status of the property.