They will be more focused on finding a buyer for a deal vs what date the DD ends and EMD is owed to the seller and most likely not be cancelling the contract or extending the DD to protect the lenders EMD funds. 

Other risks, the contractor walking off the job, a storm hitting and delaying the project for weeks, someone breaking into the home and stealing stuff (which happened just the other day to a client of mine), a squatter, or drunk driver driving into the house (happened a lot at my old job as a firefighter lol).

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

Once you decide on a contractor I would keep the fire marshall in the loop as to the scope of work and the timeframe for completion. 

When I was tracking my hours, I used WhatsApp to communicate with my property manager, contractors, and guests—it timestamped every conversation and became my built-in log for documentation.

If I find out where they live next, I'll send them my contractor's bill and a small claims court paperwork.

Hire an HVAC contractor to go check it out, of course. 

My main account has all the rents deposited and all expenses deducted such as mortgages, some utilities and an electronic payment app connected to the account to pay contractors.

Will be two different Scopes Of Work (SOW).How will you find, vett and manage contractors remotely? 

I’ve learned through experience that if a renovation will take several weeks or months to complete, it’s usually better to hire contractors.