The guy who thought of the $3 plastic drain snake that you stick down the drain and pull out all the hair, only to lose the snake and have to buy another one next time?

The contract is pass the closing date and now they want me to sign a contract extension. 

Please note that you are obligated to pay back their 401k (regardless of the performance of your real estate investment).Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).If you are self-employed with no full-time employees & you can rollover the funds, you could set up a Solo 401k, rollover the funds and take a 401k loan from the Solo 401k.

I haven't toured the property yet so I guess there could be some repairs in order, but assuming there weren't any extensive repairs is it as simple as that? 

You can always file an extension and have a second opinion.Education is always good but is not always an allowed business expense. 

Just make sure you have functioning gutters and downspout with extensions away from the house.

After 5 months, pay off private loan with line of credit, then pay off line of credit with a refinance as soon as a lender will let you.It's kind of splitting hairs because we're talking about a difference of 1% for maybe as little as 1 month.

Even if its not a big win, it has been a hair pulling, daily crying jag, killing the GC dream inducing, learn the hard way, LEARNING experience.  

Please note that you are obligated to pay back their 401k (regardless of the performance of your real estate investment).Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).If you are self-employed with no full-time employees & you can rollover the funds, you could set up a Solo 401k, rollover the funds and take a 401k loan from the Solo 401k.

The property is vacant, needs extensive repair, or there may be environmental, location, or structural issues.