Is it a lengthy process to get a single family house in Austin to a multi-family dwelling.

Someone who will resort to that length is going to be no good.

Sorry for the lengthy comment.

I know this is lengthy.  

Last word of advice (and I apologize for the lengthy rant) but probably the most important thing I have learned about real estate investing is to be a "transaction engineer".

Any way it goes, dealing with foreclosures like this can be a lengthy process sometimes.

Sorry for lengthy response if you have any questions of me feel free to hit me up.  

I understand the process can be lengthy (zoning approval, surveying, new parcel # approval).

In regards to your concerns, you should put together an MOU regarding the terms of your agreement with performance clauses protecting both parties, and eventually lead to a JV agreement.There are several other methods to protect yourself as well as the owner/seller, however, too lengthy to write about.Don't be too greedy, otherwise it will limit your relationships and longevity. 

In the Illinois market their max loan length is 5 months.That is super short.