To be clear this was my idea, not theirs, that I proposed to them before I really had time to think it over (lesson there), but they would easily understand if I changed my mind and aren't counting on it as I told them it likely wouldn't line up timing/goal wise anyhow. 

An LOI is a term sheet that will spell out the salient business terms for the proposed loan such as rate, term, amortization, fees, and prepayment premiums.

There may be other requirements, but those are the two I know about immediately with regards to Midvale City.I would strongly recommend you check into the zoning code on this proposal. 

Let me propose to you a slightly different method to approach your DMM/PPC/FB ads campaigns. 

Quote from @Vance Sander: Hi -I have an upper end condo in Los Angeles that rents towards the top of the market. 

Yes, the buyer does not own the property so cannot give a notice, but the seller has the  right to give notice given the buyer has proposed they do intend to occupy.

I work as a civil engineer here in Austin, and what you're proposing can be done but it's not always simple.

Do you have a solid proposal/estimate from a Contractor or are you guessing at the $70k?

I am expecting the property to appreciate aggressively within the next decade while the rent I we are currently getting there is like peanuts.I have proposed to the current tenant to increase the rent else he will have to vacate and awaiting for his response. 

Their minimum standards will most likely surpass your local zoning & site built proposals.