We are doing everything we can to hold off until then but with the increase in taxes, insurance, and debt; it's really getting difficult to be able to wait it out.

Most FSBOs trying to save money and probably don't use an attorney to write the contract...or they go to a general practice attorney, who hasn't seen this before, when they probably should be using a Board Certified Real Estate attorney, or one who is practicing real estate law for advice and approval of the contract they want to use. 

@Devanand Ramachandran you're trying to save pennies, but will lose dollars!

Cost of labor has gone through the roof, as with materials, property tax, insurance, and even utility cost.

As for the accumulating capital and saving large sums of money -- this is the million dollar question.

Presumably someone does your tax returns, ask them.

An added bonus is that you will also boost the portion of your payments going to interest, which increases after-tax cashflow. 

I will pay the monthly on the note and the taxes.

You can cash out refinance, allowing you access that equity tax deferred. 

We def have some McMansions that could be remodeled to add a second unit and this would save infrastructure costs.