I've been visiting the site/watching the videos/listing to the podcasts and attending the webinars for a long time, but never officially signed up for membership until today. 

I'm in the waiting period for official approval for my commercial loan.

Talk to the a Chamber of Commerce and a building official before you just start buying.  

@Jazmine S. a good lender should be able to advise you on your credit BEFORE you officially apply for a loan.  

Will I have a hard time officially converting it?

The officials at the SD-IRA are only there to assist you on running the account and not to give you any advice.  

Also, the county officials generally dont know how to access that type of information and if they can, they likely think its private.

Regarding that we would be working with his attorney to draw up an official agreement.

When presenting an offer do you typically do so within a contract ready to be signed or could it just be on something less formal ('napkin') needing more or less a verbal agreement soon after which you provide seller with a contract to sufficiently look over, possibly with some  attorney/consultant then officially sign? 

I'm posting in the introductions because I never "officially" introduced myself when I first subscribed.