***************************************************I have only done 1 lease option deal, but I had studied them extensively years ago and I don't agree with that assessment.

In a more extensive reply thank you for taking the time to write out a game plan of what I could do to start taking bats! 

To add, I have often seen owners completely overlook those types of documents if the person has an extensive amount of experience in an industry such as yourself.

I have a lot of experience doing the labor part of renovations as that is another thing that I have done in my very extensive work history.

Extensive work isn't needed but definitely all cosmetic.

I also discovered after extensive research that the sellers family created the co-op and sold it off to a larger company/family friend, we were informed buying out his share would allow us to manipulate some bylaws (not entirely sure how true this would be).

Some strategies include a seller option to close within a date range, allowing you to have an extension on the front end, and close very quickly.

Auto-renew every 21 days.Expected close date = 8/8.Extended close =  8/12. 3rd extension = 8/16.  

I've done some fairly extensive research into this.

The lease extension form is an amendment to the lease, and the renewal is automatic, meaning there are no later executions of a lease in either instance.