If you have an option money on the contract you just lose it or you can just send a amendment to extend the contract.

@David T coello , you can make an amendment or post beneath your comment the corrected version.

You can fix the building but you can't fix the location :) I would ask for an amendment for additional time due to damage found - seller could say yay or nea.

Amendments.

If anyone has an agreement or important items to include in that agreement I would be very grateful on advice there.We also need to amend our property management contract to focus solely on multifamily.  

Somehow, I overlooked it-- but Jeff found the mistake, sent me the new, amended correct contract, and everything went as planned.On a recent personal trip to San Diego, I called Jeff with virtually no advance notice for a quick meet.

@Andrew Moore,  Details are a little sketch but I think your acct will tell you that in order to claim 121 you'd also have to go back and amend all returns so that only 50% of the property was treated as investment and the other 50% was treated as investment.It seems to me that all activity of the property is being reported on the LLC tax return.

You may wish to confirm that the new 401k provider will handle the ongoing compliance support such as any required 5500 filing (e.g. 5500-ez for a one-participant plan with assets in excess of $250,000), any required tax reporting (e.g. 1099-r in the event of a distribution or in-plan Roth conversion), mandatory plan updates and amendments, etc.4.

The reason that STR financing has slowly increased is Non QM lenders have become more comfortable with the risks associated with potential zoning amendments. 

If the house is already under contract, then write up an amendment explaining your situation.