Hi Geoffrey, there is a tiny chance they will agree to postpone but you need to contact the lender immediately (bank in this case) and provide the evidence that you are a serious buyer (this can include a signed purchase agreement and proof of funds).

I fund builders and developers, so obviously, I work with many seeking entitled land.

I am in Indiana as well, in our situation, it did not make any difference on our taxes if we left it in our personal name or transferred into an LLC. 

There is a very real chance that your rehabbed section 8 property will not appraise for enough to cash out refi all funds invested.

You can supplement the funds that you're taking out of your home through additional funds from hard money. 

Personally I refuse to deal with any of the large banks, (Wells, BofA, Chase) and prefer to deal with smaller regional banks or credit unions.

Or can they simply transfer the funds to my account?

This is why I fund deals in FL and Louisiana.

Financially speaking, I'm still saving, but the goal is 50k saved up (all costs: closing, fees, down payment, portion of rehabbing costs) by this summer with my fathers help on the cash all while I continuously save 50-80% of my work checks to fund for rehabbing this property and I work off my second job and "survive off of that."

He's not an accredited investor so he can't deduct losses on personal income.