I did not object because he was able to close by the deadline and the financing contingency did not exist.

@Aryelle Collins   The deadlines are basically set in stone for a 1031 exchange. 

The offer agreement will outline deadlines for all this

My realtor sent over the inspection contingency form without the updates 1 minute before the inspection contingency deadline and called me to approve it. 

I personally itemize everything in the letter, although I don't attach receipts (I save them however).As @Deanna McCormick mentioned, make sure you adhere to the deadlines in your state.  

I have thought about doing a 1031 but Didn't want to be confined to a timeline- it's already difficult to find a good deal, didn't want to add in the complexity and constraint of a timeline/deadline.  

I can't imagine the seller would be asking for your earnest money unless you had already missed this deadline, in which case the reason you can't apply for FHA financing is a moot point.

Even though I didn’t hit my goal of closing on the property by an arbitrary deadline I set for myself.

What to expect if you decide to use QFR: missed deadlines, trash and concrete cleanup left anywhere they want, crap work, questionable "lifetime" warranty... oh, and I got fined by my city as well for having foundation work performed without a permit, despite that fact that QFR charged me for obtaining the permit!

Also as a wholesaler I let the seller know that I will be making a profit should we close by or before the scheduled deadline.