ThanksGreg You didn't specify the upside nor speak of a value add play in the deal so it's a little difficult to speculate how to best structure a creative financing package.Assuming it's a value add play with good risk adjusted gains at the end of the process then maybe the safest route is to negotiate a wrap transaction with the seller, and if your are concerned about a due on sale clause make it contingent on the lenders approval.The seller will confront these same financing scenario issues with all other buyers so if they want to sell the property then they can either deal with the issue with a reset and able buyer, you, or kick the can down the line looking for another buyer who maybe willing to assume a less than stellar financing package.As the buyer though your only concern should be the financing package that delivers you title, assuming you plan on making extensive improvements to the property, and allows you to earn what you determine is a reasonable cash flow from the project.Options aren't bankable.

I spent $40 buying splash guards and flexible gutter extensions and in less than 30 minutes, I installed them. 

We screen our tenants extensively, but having a proven tenant that has been there a while (and takes care of the place) is a very comforting feeling. 

.- when purchased by father in law-- building was vacant and needed extensive rehab: Roof, electric, plumbing, complete gut and rehab of interior.- he got written estimates on all of the work in 2014, and they totalled $200k.- he had a different contractor begin work on the property without permits, as far as we can tell (there is no paper trail- permits, receipts - nothing). - they did plumbing, electrical, demo interior, installed duct work, new sheetrock and sub floor,  kitchen and bath cabinet, counter, sinks, tubs, toilets, tile work, and new windows throughout.- additionally, he purchased light fixures- interior doors- and appliance packages for each unit which are all sitting in storage now.- since he did not do the roof, there is now water damage from the leaky roof, to some of the new sheetrock and sub floor.Here is where we have gotten so far:**read a bunch of info on NOI, Pro forma, CAP, and looked at other delapated multi family buildings that have sold in the area. 

I have, of course, also been involved in some extensive and less extensive remodels of other people's homes, including some model homes. 

These flips are normally pretty extensive rehabs with large profit margins.

Figured Id take a a quick second to introduce myself to the Bigger Pocket community.Reside in Fort Laduerdale, FL with extensive back ground in capital markets investing.  

Our decision was based on a few things: we were undertaking an extensive rehab, we had little experience finding and screening sub cons, and we did not want the time crunch of high interest beating down on us.

I would contact your agents broker and everyone else involved to get an extension and an idea what you are looking at before you close

At present I have a special interest in developing a business in Assisted Living Facilities for Independent Seniors, I have an extensive clinical background and experience in Internal Medicine and Senior Health care for over 25 years as a Physician Assistant.