I'm being nit picky on purpose.Also, the Standard Lease doesn't apply to commercial tenants, so if the property under question is 6+ units, that might be easier.What you have described is Property Manager that has a Lease Option on the property. 

You are possibly setting yourself up for immediate failure.....there are too many moving parts and too much money involved to mess up this facet of the project.

What financing options are available when partnering with a solo 401(k)? Can you use conventional loans, or does the loan need to be non-recourse?

The renovation costs may include a contingency reserve and renovation-related costs.Contingency Reserves:Contingency reserves 10 % required for any unforeseen cost overruns that may occur during construction.Unused contingency reserves that were financed into the loan will be applied to the principal balance of the loan.

you mention applying for a loan …..does this mean you own a home and were  trying to refinance it  ? 

I will be graduating with a degree in Digital Marketing and have been applying to jobs for a while with not much luck.

Permits may be needed for bedroom or bathroom modifications, especially if plumbing, electrical, or structural changes are involved.

Quote from @Marcus Welson: Hello everyone.I'm trying to breakdown how an IRS 1031 extension notice applies to a 1031 exchange.

However Becoming a Part of Renatus or Becoming a Part of a Different Real Estate Investing Education Company, it all comes down to applying the knowledge that is learned.

Don't know if any of those apply to you or not, but good to check with your lender today and get them to run your credit so you know what your targets are.