On the leases I will be inheriting, there isn't a renewal or extension clause.

My father has extensive experience rehabbing and developing new construction homes, completing over a dozen projects in the last decade. 

Definitely have a balloon extension (if needed) with $x additional buy-down.

They can lay out all of your options for you.Side Note: The FHA owner-occupied loan won't lend if the property isn't in livable condition, which limits you if you are looking for a place that needs an extensive remodel for value add purposes.Best Regards,Hans Wold

My apologies Tristan, i wrote an extensive response to your question and the moderators removed it because it was considered "self promotion".

Specifically, I am looking for a firm with extensive experience in 2nd story home additions.

I have an extensive background in construction for the past 4-5 summers in-between school.

have your real estate attorney ask for an extension.

Once taught on encryption/decryption, symmetries with extensive math application (numerical analysis).You next studies will now be in different entry points in RE deals.

However, it needs extensive work to be considered "updated".