Thanks for reaching out and extending your great insight about he area. 

what offer can you extend to him at this point i know the area and this would make a good rental if bought for the right price.... please help

If Congress extends the MIP/PMI deduction this year, it will be even lower.

Could do a ballon of like 3-5 years or something like this, and the capability to extend.

Some property managers extend this further to state their time they are charging to the client is a true cost to the landlord, and thus try to charge for their time above and beyond the cost of the credit check and the $25. 

Most people would be happy to know the rate won't go up for an extended period of time if they sign a longer-tern lease.

I stupidly did not have a must close by date on my contract, they have offered to give  me more escrow to extend the closing, and I have this opportunity to have the contract amended I believe, and add it must close by _____, and demand more escrow, to protect myself.

If lot value is the majority of the total value now, the highest and best use is to build new, above any flood elevation, not to extend life of the current improvements.  

I never look at how much I'm paying in interest over the duration of the mortgage, all I care about is the rate that I pay on the loan and the rate of return I think I can make from my investments .

That way I’m not over extending myself by developing them all at the same time.