I would imagine any delay/extension was reviewed and approved by all parties, correct?

You just have to know what to look for, and how to run your vacation rental correctly.

I know which direction revitalization efforts are moving, where the path of progress is.

However I want to verify that is correct. 

Read The Straight Path To Real Estate by Kris Krohn to better see the methods and strategies I use Personally.

If the Master policy is insured correctly then this should satisfy your lender, however, if the association has chosen to cut corners and is not fullying ensuring the property/building then your lender might require you to purchase flood insurance to balance the requirements of the loan.

Also, is the listing posted in the MLS and marketed correctly?  

@Harjeet Bhatti Thank you for your comment. so as a lender, you would approve, and begin underwriting a loan for a perspective buyer on a property still within the 90 days of purchase by the seller, so long as the closing date is beyond the 90 day window... is that correct? 

You can do this with ZERO money if your realtor and lender structure this correctly for you. 

This will keep you pretty busy if you're active and engaging folks on BP, but not only will it build your network crazy fast it'll also expose you to a ton of different areas of REI and help you to decide what path you want to take.