You can get an extension, if needed, to carry it out until September 15.These are IRS regulations.  

I would push for the 1 year lease and sell her on the idea you have no intentions to end the lease if she performs for the 1 year.  

I think the main reason has been a lack of good river access points, there are only a couple in the county, and there's a very long stretch with no good place to get in or out of the river at all.So at the bottom or our hill there's been property for sale for a while, it used to be a landscaping business or some such but it's been vacant for years.

I then performed cash-out refinances to pay off the HELOC loans and lock the properties into a low fixed rate mortgage.The difficulty was, in my own personal experience, doing cash-out refinances is more expensive and the rates are much higher than conventional financing.  

Past performance may not be indicative of future results.  

Some hard money lenders are adding an extension feature into their fix and flip loans and calling them a fix and hold.  

The Trafficmaster specs say no more than 1/4" unevenness over a 10 ft stretch.

If you do decide to go the business plan route, reach out to me as I have extensive market research for PM that may be of good use to you. 

(Assuming the numbers work)-Inquire with bank about their willingness to sell current note (depending on performance) at a discount.

It can turn into a legal mess with a PG and seller finance.The option gives you the chance to see how the property really performs at it's current base level to determine If you should walk away or you think you can turn it around.Is the seller wanting to owner finance because of most depreciation has been written off and they do not want to 1031 and instead take capital gains in small chunks over time given their older age??