If you are local and plan on still being physically involved in the property, discuss this with them because you may need to be. 

I physically lived in Nashville for almost 6 years and just recently moved out to Lebanon, which is only about 25 minutes East.

Florida's financing extension is in paragraph 5: EXTENSION OF CLOSING DATE:(a) If Paragraph 8(b) is checked and Closing funds from Buyer's lender(s) are not available on Closing Date dueto Consumer Financial Protection Bureau Closing Disclosure delivery requirements ("CFPB Requirements"),then Closing Date shall be extended for such period necessary to satisfy CFPB Requirements, provided suchperiod shall not exceed 10 daysAlso, if the financing period passes and the buyer's don't opt out, this would apply: v) If Buyer is unable to obtain Loan Approval after the exercise of diligent effort, then at any time prior toexpiration of the Loan Approval Period, Buyer may provide written notice to Seller stating that Buyer has beenunable to obtain Loan Approval and has elected to either:107 (1) waive Loan Approval, in which event this Contract will continue as if Loan Approval had been obtained; or108 (2) terminate this Contract.

Its hard to work on project that are physically far from my location.

I don't agree with you. the cost of doing business is investing. it's a cost you pay in the midst of trying to earn a return on all the money you spend. everything spent is spent with the goal of making a higher return. there's plenty other businesses where you have to spend on items that don't physically produce a return for you individually, but as a collective the money comes back. if I spend $4k on a unit and that unit makes me $3500/mo, did I not invest the initial $4k?

I have to, you have to negotiate yoyr own contract.As an exercise: search when does a commercial contract Ernest money go hard?

It is physically beautiful! 

And is this an option in the sense you have the option to decline and keep your interest in the deal or are they exercising some kind of buyout option in the documents?

I am comfortable with b or c class and feel as if I almost need turn key because I am not physically there 

I know it hard work and physical labor but its ironic you have all this unemployment and you have the building trades that simply cannot get enough labor to keep up with demand..