On one note we bought in Chicago, it took a year for the new note owner to get the correct, properly executed AOM to the FC attorney.

Many of these folks were in the same shoes in the past, and people like to help others who are vulnerable enough to mention they are new and getting started.

The contractor will come up with a plan, figure out the logistics of implementing the plan and then execute the plan.

Your responsibility will be to execute the plan from finding, offering, renovations to closing. 

Once again, this takes proper execution. 

This is a general message mainly because you have given general information but build rapport with the seller as much as possibleand make sure they are confident of your execution to pay.

Second, this business requires attention to detail in planning and execution -- so misspelling "realtor" shows that, like many of us, you sometimes let the energy take you a little faster than spellcheck can keep up with!

@Serges Lemo,Though I am not an attorney, I am pretty sure any lease extension you create and execute on behalf of the prior landlord/owner, would not be legal. 

With the 400K cashout you are already leveraged and if you leverage against that you will be 100% leveraged which will make you vulnerable in a down market.  

Secondly you need to enhance your ability to execute.