If our OO bid is not accepted, and the property rolls into Extended period, can we bid again but this time as investors? 

It started with push outs on orders and then extend holiday plant schedules then quiet 1 or 2 week shut downs of manufacturing plants in South East Asia. 

For e.g. if yearly rent = 50K and the lease is for 5 years with one option to extend, then total value of the lease is 500K.- The total lease fee is payable (split between leasing agent and clients agent) could range from 4-6%.

Because of too big to fail bailout program it just extended the problem out for a longer period of time.

Changing from cash to conventional or private money could create issues with the contract.Many times, private money simply does not close as fast as cash and could end up extending the contract beyond the specified closing date.When I put on my realtor hat and have an REO under contract with a cash buyer and then they try changing the terms of financing, I almost want to find them and break their legs.

I told him I could balloon after 3 years and get the loan from a local bank, but after doing some amortization tables, I am hoping to extend it to 5 years to make sure there is enough equity to be able to refinance and still make the 80% loan-to-value.  

If I were doing this, for me, I'd do light countertops like you have, a darker stained cabinet, extended over a bit towards the stove, and a pergo/quality fake hardwood floor (darker, but not dark, to go with the cabinets) in the kitchen and hallway, tile in the bathroom.

Even banks and credit unions are getting more reluctant to extend lines of credit for this purpose as they begin to understand they can be hurt by regulators for what their borrowers do with the money - especially if the purpose is to seller finance without a properly licensed and properly run lending operation.

You may have to extend geological boundaries, or accept a bit less commission, or partner up with people to get it done.

I had been working for extended periods of time in Alaska's oil industry and had been traveling back and forth from home to the Arctic.