Won't be your problem, but you can explain it in general if you want.Lastly, don't do a Land Contract or Contract of Deed.  

@Holly Scott outside of the contractor issue - this shouldn't be a huge deal - a roof permit is typically an inspection after completion, so depending on how nice the building dept plays you can probably get an after the fact permit so long as you explain the issue.The contractor not being able to show a permit was pulled is pretty telling.

Especially since you are buying something so expensive and financing it (buying depreciating objects is not recommended if you want to be financially independent).

Do you have some extenuating circumstance that you could not possibly have foreseen, that would explain why you are two months short of upholding a promise you made at the closing table before a notary public? 

@Terence Clark can you explain what cash on cash is maybe give an example and on the 2% rule please?

@Kevin Hunter you mentioned about funding fees, could you explain how that works/calculated?

Explain his tax advantages for owner carry.  

I'm just wondering what would explain this?

If you're like me and prefer a data-based approach, Texas A&M's real estate center website is a great centralized, objective resource to look at some of the market trends in the Austin-Round Rock MSA. 

As for areas, have thoughts there too....but really depends on the property type you prefer and your short/long-term objectives.