Most are 18 month max you may not leave enough time to finish the build or have to worry about doing 1 or multiple extensions. 

Considering that you indicated having insufficient funds for extensive rehabilitation, it may be easier to discover a home that just need minor cosmetic repair.Before completing the transaction, thoroughly check the property.

There are not many land lots available in my city, even the outskirt extensions. 

General Plan:1) Close on home.2) Request to close previous open total demolition permit and plumbing permit.3) File for an Emergency Repair permit and new demolition permit under our name.4) Get inspections done for framing, MEP, etc as required.5) Perform repairsNotes on the home:This is an extensive gut rehab.

Often they take 1 or 2 more months, and you have to get an extension.

If I'm trying to buy a property OOS and I can't inspect it myself (I have extensive experience inspecting buildings), I have a foundation pro (different than a regular inspector) check the foundation.

Guidebooks: Ruebarue  (not used, but been told is great)5.

Additionally, you may want to consult with a real estate attorney or financial advisor to ensure the deal is structured in a way that is advantageous for you.I tried to negotiate to have an extension after 2 year balloon payment, but he didn't want to.

To overcome this, consider widening your search to surrounding areas, exploring different property types like condos or townhomes, networking extensively with local real estate professionals, and thinking outside the conventional options, such as renovating older houses or adding accessory dwelling units (ADUs) on your family's property.

I already use Hostfully guidebooks for a pair of MTR’s we are having great success with, but we simply manage the calendar and bookings between Airbnb and Furnished Finder.