There may be alternative solutions, but that may require more detailed information.

But starting to look at all cost in addition to the 10% management fee and beginning to wonder if it makes sense to look at alternatives.

I know most people on here wouldn't recommend buying something without a positive cashflow, but the alternatives in this area are grim.

In fact, after complaining twice, I let the application lapse and took alternative measures.Where in Central Florida do you invest (did I miss it)?  

(As an alternative what is the best way to find one?

Then a friend pulled my coat tail to tax liens and deeds as an alternative way to not only gain capital for rehab and reinvestment but to also potentially gain new units.....  

Keep in mind if they get turned down again for the loan you will have to give them their $500 earnest money back.What you might want to consider is tell them if you do give the extension for them to try alternative financing options you make the $500 no refundable regardless if the loan does not go thru.  

That means having a solid understanding of the work flow, documents needed, alternative steps to take if need be.

As an alternative, you can probably insert an early termination fee amount so it provides flexibility for the tenant to leave without having to deal with subleasing issues; however, you'd have to consider worst case scenario: Tenant exercises the early-termination option in December, which places you in a tough situation as a landlord in the Chicago area. 2.  

This may be the less painful alternative.