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.  

I had to extend the analysis over 10 years for Frank Gallinelli's methodology since first year has a higher cash flow as capital costs are zero (since rehab is factored into the loan) but is a 6% of annual rent year over year.

It's honestly pointless to even extend the invitation.

BTW the only way to make it one step is to remove the landing, but that can only be done by moving the front door out and extending the staircase.