So is it OK to go ahead and get the property under contract as it is?

If your lender isn't holding your hand at the point of the cash purchase, based on you sending in actual paperwork and not just talking about what the paperwork might say, then just go ahead and assume that delayed financing is a total coin toss.

Also I like to send the contract ahead so the seller doesn't feel any pressure to sign a contract they haven't read, plus it saves time having to read it at the appointment.Motivated sellers usually only have 1 or 2 questions and then they're ready to sign.I also bring a sign to stick up in the yard at the conclusion our meeting.

They have been warned, so go ahead and apply the late fee if it gets there.  

You'll be a head of all those others. 

If I had the opps you had and live there and wanted to rub shoulders on a daily basis with those folks I see what your doing as a trememdous way to get ahead..

There will be many days that it feels like you are going nowhere, but as long as you stay disciplined, you will get there ahead of schedule.

Ok, i'll go ahead and contact them ASAP.

Know ahead of time how you will deal with the balloon.- a quick glance at the numbers - you won't create enough positive cash flow (might not create any at all) from the property to help close any gaps, so the money to do the above options will have to come from somewhere else.A few alternatives to consider:- negotiate a longer balloon period, ideally 3 or more years out as that buys you some time and breathing space.  

I can't imagine them doing it that far ahead.