When an owner gives notice of intent to sell, the ROFR matures or “ripens” and becomes enforceable. 

Either the operating costs are so high that it cannot make money in its current state (i.e. no insulation, old & inefficient heating system), there is a physical problem with the property, or another issue with title, etc.I would not be in any manner of a hurry to raise my offer as you will need every dime to breath new life into the old building if you do purchase it.

Do you use a 3 offer Letter of Intent?

The intent was to buy a home with awesome potential that we could work on for the next 3-5 years (build sweat equity) then sell for a nice profit. 

There is more to understand, but i have no intention on quitting.

We can probably provide better ideas/suggestions if we have a better idea of what your intent is. 

Assuming the worst intentions?

I guess I jumped the gun by extending the special before it was explicitly sent out by regional, but I did so with good intentions, unaware that the 24 discrepancy would turn into an ordeal.

They know if I'm still a part of it, and I retain the management responsibilities, the property must be good...and they can breath much easier.

I am looking to get out on my own, make some connections and offer a helping hand to any professionals looking for someone to tackle low hanging fruit with the intention of sharing some wisdom.