It is about 95% new house--we kept the foundation and just a little of the 2x1 framing--and we were able to save about 80% of the wood floors in the original house and extend them into the kitchen/dining room in the addition. 

Unfortunately, I did not get to squeeze the asking price due another offer but I was glad the owner called to see if I wanted to extend my lease before she signed the contract to sell.  

Do you have some/any of these complexes identified or you have plans purchasing as they are available over an extended period of time?

More often than not mechanics break down as a result of the house being foreclosed and not utilized for an extended period of time. 

Hi Amiee, I hope I am not to late, but if I may extend my hand. 

Hard money lenders will charge interest rates 10%+ with points and usually will not extend terms past 12 months.  

*Sellers will pay any fees associated with extending the closing date.

You may also want to put a right to extend in the contract. 

Nearly all unsecured LOC's are extended to those with significantly more liquid assets than the principal. 

The main pitfall is with lease options extending beyond 180 days, which are deemed executory contracts.