Also, she's written extensively on the subject for the BP blog.

Since then the bank/Seller have asked for numerous extensions which we have given. 

Hello Alan,I am a LEED Fellow and have extensive experience in LEED Rating System.

Though, they may have the crews necessary to fix up the homes with extensive damage.

There's been cases when someone bought  dozens of properties subject to, fell behind on all of them because of tenant problems on some of the properties, resulting in dozens of motivated sellers, thinking they solved the problem dumping the problem on a rescuer, losing their homes, and having bad credit to boot.There were extensive discussions on real estate boards regarding the issue: Subject_to_problemsIf you're taking about a 2 year master lease, maybe you're thinking of leasing with option to buy.

How do extension/renewals work? 

Don’t get caught with your pants down if you move ahead with it, definitely use a lawyer AND lender with extensive experience with RTO / Lease Option, no rookies.

The properties are vacant or abandoned, needs extensive work but is priced low to sell fast. 

@Cramer Guzaldo I send them a 1-page letter with the extension and let them know a) what it is, b) how to either accept or decline.

The question is at what point do you draw the line when looking at a property where the termite damage is extensive?