The price of the option, paid for by the potential purchaser of the property, is agreed upon and set and is non-refundable.Some sellers MIGHT credit the cost of the option back to the buyer of the property upon closing, but any details of the option may NOT refer to any lease.Why? 

I have seen him get angry at other students in his program who got publicly vocal inside his FB group about the terrible deals in the marketplace.

We're going to furnish the property and I was wondering if anyone has done this, and if so what credit card do you recommend?

Im terrible at finding deals but great with a hammer!

The credit union has shrunk the loan amount they're willing to go with to match the appraisal.

Unfortunately, you must refinance the property completely with a new mortgage in order to pull equity out (or pursue a line of credit with a local bank). 

Hey Tony,None of those are bad options, honestly if you have paid off investment properties; the best terms are probably going to come straight from a cash out refinance.Line of credit is a good option due to only paying on what you use but if your planning to start construction immediately I would go with the cash out, its going to be less headaches as well.

I wanted to consolidate banking to a credit union as I am investing much more in real estate and SMBs.

All tax credited.

If so, you should not be paying taxes, rather you should be getting credit for prorated taxes from the seller on your closing statement.Then, when you say you are closing the property on June 30, I assume you mean you sold it on June 30.