My numbers are kind of tight on cash flow due to a blanket loan (had to do to pay off lots of debt/rehab). 

Taking out a loan for EMD would make it way, way too tempting to look past issues in DD and close no matter what.I'd also be concerned about the ability to close in general if cash is too tight to fund even the EMD.

So what we did was put the new drywall up and add screws where there were joist at, then just push lumber up along the edge very tightly, then screw that to the wall studs, supporting the drywall near the wall.

It's a tight-rope deal.

From what I observed, the community is very tight & close, everyone knows eachother, and they hold lots of community events.

Can I give them a deadline?

I understand the laws as well Jay, my partnerships are tight, and so is my legal counsel.

Our agent wants us to counter much higher take a chunk down and carry $4MM @ 10% until the construction loan or a deadline we define ( should be quick ) What are the risks vs a cash offer? 

Firstly, they deactivated my account before the agreed-upon deadline, resulting in the loss of all my hard-earned reviews.

We knew it was a great deal but with bad pictures and being in rough shape we made a quick offer slightly above list price, limited inspection and quick close and included a quick acceptance deadline so we others couldn't see the great deal we were seeing and they accepted!