If so, any tips for doing this for tems, contract, etc? 

It's for the tenant's benefit, but you will benefit from it over the long-term.

If you have the cash to complete the transaction as is, I would recommend simply paying the balance.  

I am looking at replacing my current HELOC with a new one with the lowest intro rates. 

Here are a few I have looked at, By the way I have no affiliation or connection to any of these other than the investment I made with Lofty.AI I mentioned earlier.

I have the opportunity for a cash offer where the property has great up side once it is renovated.We can get in to the property no problem since we have the cash, the issue is how to finance the repairs and renovations since we just got started on the business and no longer have a w2 or 2 years income under the LLC? 

All mid-term rentals are furnished for the most part.

Typically, HUD charges a daily fee for extensions, which varies depending on the property type and the number of extensions requested.To request an extension, contact your HUD representative or the Asset Manager handling the sale.

Let me ask you a question...When was the last time you planted your butt next to the mailbox when you got bitten by a rattlesnake waiting for someone to send you a mailer on what to do when you get bitten by a rattlesnake?

The property will not be reassessed at the current mkt value and the property taxes will not change.