@Cassidy Burns, at $260k you're buying at almost a 10 Cap.

It's the end of the world and I want me some fat orange Kruggies in my hot little hand!

During that extra week of delay the buyer might:change his mindlose his jobget divorcedget in an accidentdiethe property can get burned down or floodedetc.The risk of losing the deal to any of this is far greater, in my opinion, than any tax benefits you might extract by waiting.

ARV is not $465k and rehab could easily exceed what you've budgeted unless you or someone you know has experience with burn houses this thing is worth less than a vacant lot

You miss all the shots you don't take...Great words to live by IMHO.Personally, "the answer is automatically no, unless you ask / or try" is burned in my mind for eternity, and drives me to try new things, ask questions, and pursue continual improvement.

I'm not sure where you're getting your info on lease options, but if I were you, I would start burning the books and videos right now.1 - The LO agreement is actually two separate agreements (not one), and two separate contracts.2 - Never refer or mention the "other" agreement in either contract.3 - Never, ever, give any credits towards buying from the Option Consideration4 - Never ever give credits towards buying from any of the rent payments.5 - The lease agreement is the agreement between the tenant and the landlord that allows the tenant to live in the property...for a fee.6 - The Option Agreement, is the agreement between the seller and the future buyer, that states how much the seller will sell the property to the future buyer for, and how long the future buyer has to "execute" the purchase within the option agreement.7 - The Option Consideration is NOT a down payment on the property.8 - The Option Consideration IS 100% payment of the total cost of the Option Agreement.9 - When the Option Agreement runs out (future buyer has not executed the purchase within the agreed time limit..see #6 above), the agreement to buy runs out...and there is no refund of the Option Consideration since the OC has nothing to do with the cost to buy the Property...it has everything to do with the Option Contract.10 - Failure to do the above properly, can/will result in a judge ruling that this is in fact a Land Contract Agreement, and not a Lease Option Agreement. 

Also you will be burning through a lot of cash unless you have refinancing in your plans.

I'm mentally burning the ships behind me so there is no turning back on this (Think and grow rich reference).

@Christian Burns from what I gather you want to buy a 4plex.

For now I have a question that is burning and would like to get a few opinions.