I have since gained invaluable knowledge of the construction industry working as a General Contractor.

You can assign the sales contract or double close if the title company/state allows you.

It's not really a land contract or a lease/option.

All that I make as a contractor this year is non-taxed so I don't have record...atleast not yet.

So when I do work on the properties I will be an employee of the second LLC and covered.On the other bright side of it if I don't have work for my employee I can sub-contract him/her out to other contractors.

Whether its waiting for a bank, waiting for a contractor, or waiting for a tenant.

An option contract or option to purchase contract is a contract that allows you to get control of a property with out taking it off the market as most are non-exclusive.

The real answer would come from contractors actually looking at the situation.

Is it possible to get a contractor in there to give you an estimate of the repairs?

In your offer to the bank I would include a contractors estimate of repairs.This lets the bank know that while your offer is low, if they want a good price they need to fix something before its sold.Several of my short sales where done this way, the first counter was high and when I asked the bank if they looked at the enclosed estimate of repairs they came back and approved the sale.