She had very little time to pay it off and In order to get an extension, the reverse mortgage company required her to hire a realtor.

If you can't get something done within the original framework of your contract, you can always negotiate an extension of your contract with your seller, if they will agree.4. 

I would say- Don't be your own GC if you do not know an extensive amount about construction, project management, materials and applicable codes.

I'm looking into a house with extensive water damage right now.

@Michael TrinseyAs explained verbally during our extensive discussions throughout the set-up process, as well as included in  resources shared with you:All transactions are done in the name of the LLC which you manageAll rent should be deposited in the LLC bank account and all expenses should be paid from sameYou act in the capacity of "manager" and that should be reflected on all documentationThere are many other nuances which we addressed - with the key focus being on the avoidance of prohibited transactions.

I have an old gas station that has LUSTS or Leaking Underground Storage Tanks, the State is aware of it, it's been extensively tested for a few years now, the damage is done. 

if it needs extensive rehab I would be surprised if a bank will give you the loan up front like that anyway. 

Obviously we won’t make this closing, but I’d ask for an extension tomorrow if the bank says yes.The problem seems to be that both wife and I are self employed and show very little income on paper.

Because of the extensive damage to the one unit I was able to negotiate a good deal on both duplexes.

that could be done by running extension cords from one unit to another .