How extensive is the fixing you do? 

Like @Larry Turowski said you can always come up with the difference and refinance at 75% LTV.If you cant, I would call the hard money lender and ask for an extension.

We are looking to add more partners to help us raise the remaining capital and negotiating with the seller on giving us an extension.

With that extensive of a renovation your property taxes will go up. 

I have not done a deal but have some extensive research over the past 6 months on all investing strategies. 

My CPA disagrees.The classification of this matters quite a bit since if it's passive, then I can apply my extensive passive losses from other investments to defray it.

Under federal regulations, institutions may obtain an evaluation of real property collateral in lieu of an appraisal for certain transaction types:Commercial real estate-related financial transactions in which the transaction value (generally the loan amount) is $500,000 or less.Certain renewals, refinances or other transactions involving existing extensions of credit, provided there has been no material change in the market conditions affecting the real property’s adequacy as collateral and there is no advancement of new money other than funds necessary to cover closing costs.Real estate-secured business loans of $1 million or less in which rental income from the property or income from the sale of the property is not the primary source of repayment for the loan.

Does a 30-45 day extension and an extra $6k in expenses kill the deal or cause hardship for you or the the seller?

. - Both the exterior and interior need extensive repair and reno, probably full gut rehab for most units.- The electricals will need to be separated and individually metered - is it possible to run new lines separately while gutting each unit one by one?  

I do believe that the extensive overhaul of the property that has changed it from one door to three has contributed to my equity position, but I hear what you're saying about the possibility of a correction.