I suppose that would be done by setting a duration for seller acceptance.

We have the $660k or so needed to fund the equity for the project lined up, but we're trying to extend the deal if possible to limit city risk.

Had an issue like this New septic and extended lateral lines put on my property left heck of a mess. place was up for sale.it was a business in a rural areaI started with trasspass charges cops said its civil matterThen tried to demand they remove and repair or I sue.

@Jason Kidwell ..Depends on market, prices, how much $$ to start out...I used leverage in the beginning to build cash flow..After cash flow in place you can start buying for cash...I prefer a mix....leverage is a great tool,but don't over extend...

I hear they may extend the Orange Line from Midway airport to Ford City Mall.

which goes through end of 2014 and may be extended.

No dinning room and the living room is small too.Could I take 2-3 feet out of the master and extend the kitchen?

With a lease-option there is a cost of the option which pays for the fact that the owner can not sell to someone else during the duration of the option and that the option holder has a locked in price no matter how much the value of the property goes up.

Do what you can and do not over extend.

Yes, for the duration of ownership (not just 1 year, like FHA)...