@Mark Stone If you don't want to evict them due to cost but want them gone, offer them some cash to vacate under the stipulation they leave the unit clean and no damages.

Still made a decent deal but a lot of hidden fees and stipulations.  

Also is it wise to purchase a severely dilapidated multi-family home at below market value but stipulate extensive repair cost, if so what is the threshold to not exceede for construction and purchase price?

The qualifications and stipulations for obtaining the loan will differ from lender to lender.

"A few months" is NEVER acceptable unless you've got an amazingly great reason AND get that stipulated in the letter.Examples include frozen ground if you need to dig (work has to wait until spring), can't paint the exterior due to cold weather (paint doesn't cover well when it's frozen), etc.My crystal ball tells me that you're about to get into a WORLD OF HURT.

There is no stipulation for any sort of extension. 

@Alexandra Wenzel state law requires a minimum of 12 hours, but it's really your lease that stipulates details.

You may be able to, and your options will be stipulated in the legal docs you are provided before you invest.

Let him make all the threats he wants, he is in default of the contract and has not paid any funds per the contract stipulation.

If its been pretty sparse interest over a reasonable amount of time (a couple of months) , I would probably take them with the above mentioned stipulations...one check....... if there are issues, ALL 3 get evicted...M2M lease