I am thinking of purchasing it at his asking price, then lease-optioning it to another tenant-buyer with a non-refundable down payment of 40K with the option coming due within 3 years (maybe up to 5, with extensions).  

@Bill Gulley has written extensively about Subject to existing financing if the loan is calledIt has to be a wonderful house to do sub 2Be prepared to get alternative financing if the loan  gets calledExit is usually renting or lease to own

It may be the volume of business and there is no need to do them sooner if you filed and extension. 

My wife I are going to renovate and update the entire house, build a large wrap around deck with a pool and hot tub, and do extensive landscaping filled with native plants and fruit trees.

My wife I are going to renovate and update the entire house, build a large wrap around deck with a pool and hot tub, and do extensive landscaping filled with native plants and fruit trees.

My wife I are going to renovate and update the entire house, build a large wrap around deck with a pool and hot tub, and do extensive landscaping filled with native plants and fruit trees.

The exact numbers for how much each fix would need are too extensive for this chat, but $85k is a bit high.

John refing into another bridge loan would end up costing you more than an extension.

BP CT Family,There is a multi family I am interested in buying and after a walk through today found extensive mold in the middle unit around the walls and ceiling throughout the entire unit.

Here is my situation: After extensive rodent damage to our carpets, our property manager indicated that they will be replacing the damaged carpets with vinyl plank.