The Interim Final Guidance issued by SBA on 4.2.2020 states that employers cannot count independent contractors for their payroll calculations under PPP program. 

The seller probably will not sue you because they have the final say on the price, but the buyer could go legally sideways if they feel you put your interest ahead of theirs, especially if this is an owner-occupancy deal... just keep that in mind.A 90 day extension is a crazy long time, but these are crazy times...

I finally made my mind to do the first real estate investment.

@Steve Karpinski It’s quite common for a buyer’s lender to do a second/final verification of employment before close of escrow.

Hmm, I guess I’ll see.I’ll let everybody know things go and what I finally decide on.Anybody else out there please chime in if you have any other recommendations.

Plus, that is starting price, not final price.

I think our best option is to see if we can work with our lender as we haven't gotten final approval on the loan.

All is finalized.

We had some savings and we used interest free credit cards and finally a heloc to fund the renovations.Look into Keybank for the heloc, they give you the option to switch your loan to a fixed rate.  

I have debated posting something on this forum for some time regarding our situation, and finally decided to move forward.