Option 2 would be a much cheaper option, no numbers were discussed but we discussed no payment during vacancies, no fees for turnovers or renewals, and monthly fee would be a fixed fee or a percentage of rent that we agree on.Option 1 involves much more extensive fees.

Contract or bids were submitted to HUD back in mid December and I believe it was approved.Now almost 4 months into this and 4 contract extensions later, auction.com cannot give me any info about status and refuses to give me a realistic timeframe yet they are asking for a 5th extension.I have $2500 earnest money tied up in this so far and it is still a good deal but cannot wait indefinitely.Any thoughts on what to do next?

If you are considering a property that is in need of extensive repairs, you will need more time to complete that work than if you are buying a house that only needs cosmetic updates.

I am looking into buying one to get eyes on rowhome roofs without dragging an extension ladder with me every time I look at a property. 

It sounds like you are wanting to get out of your 9-5 job by the end of the year so unless you have a good amount of cash on the side this will be only doable by an extensive amount of "hustle".

@Richard Mercurio we use a one page lease extension.

This is a pretty extensive article.

They usually indicate extensive water damage and are a rehab nightmare.

The seller signed an extension for the inspection so I am still within the time frame...

The list is extensive and all inclusive.1) Everything.