Don't over-extend yourself to make the deal work.

We would love some feedback on what BP think of this deal or any of the above:Planned to buy the 3bd,2ba property for 140K and remodel and create a fourth bedroom by sectioning off a piece of the large living room area and extending the hallway to the fourth bedroom.  

If more offers keep coming in, that could extend the decision time.  2 months is not common and probably the listing agent just messed up somewhere.

People that play it safe will survive and probably pick up some home-run deals from people that over-extended. 

People make choices to spend their money on tattoos, cigarettes, drinking, a trip to Cancun, or $2,000 tires for their truck...and then expect us to extend them grace.I don't reward stupidity; I make profit from it. 

In these situations the tenant may be just as happy if he can sign a new, extended lease at decent terms with the purchase rather than having to purchase the property himself.

I was thinking that with the lease option, could I negotiate something like 20 - 30% of the monthly rent to apply to the downpayment, if I chose to purchase, And the LO to extend for 1 - 3 years.

And you can always extend the inspection period if needed for their benefit.

My thought is to have that tenant clean up the property, or just next extend the lease next spring.

If so, then they're the bank and it's up to them if they want to extend credit to the buyer.