My main question is: Is it realistically possible to find homes that fit our criteria but also will remain on the market for an extended period of time?

Also, we are not penalized if the timeline gets extended (something to consider in historical design review).

It is understood that the tenant holds a valid option that may expire on Jan 1, 2016 unless renewed with additional consideration of $700.00 as agreed which will extend the option term to Jan 1, 2018, at which time the option will expire.

Be sure you have gasoline and that your car can handle slow traffic for extended periods without overheating.In terms of looking for housing, there are also some nice Inglewood / Los Angeles neighborhoods just North of Manchester Ave., West of Van Ness, East of Crenshaw, extending into the 80s and 70s (85th St., 79th St., etc).

If I cannot find the tenant for an extended period of time I will contact those people. 

FHA will not extend the waiver beyond December 31, 2014.Section 203.37a(c) lists the sales transactions exempt from this rule.The exempt transactions include sales by HUD of real estate-owned (REO) properties under HUD’s regulations in 24 CFR part 291, sales by other federal agencies of REO properties, sales of properties by nonprofit organizations that have been approved to purchase and resell HUD REO properties, sales by state- and federally-chartered financial institutions and government sponsored enterprises (GSEs), and, upon announcement by HUD through issuance of a notice, sales of properties in areas designated by the President as federal disaster areas.

Extend lease option if it makes since4.

I would consider extending the tile through the high traffic walkway.

They also go to extended stay places.  

That construction agreement may not be valid without a license.Forget any construction financing, you can't give the property as collateral.If suppliers extend credit for materials, they will generally want the address and owner to sign or a licensed contractor with a valid construction agreement allowing liens to be created.You can file your option and cloud title, but that cloud doesn't prevent an owner from selling the property subject to that option, the new owner will be obligated to sell it under the option, but if you fail to exercise it as agreed, they will own the place.