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And I think there's also some exceptions for active deployment situations that extend that time.If you meet the calendars for either of those properties that would be best first move.  

Had you extended yourself on something other than the buy and hold portfolio that got you into trouble.I would think that after 17 years, you'd have had so much equity and cash flow on some of your early properties that even during the crunch you'd have been able to weather that storm better than say a flipper who might have been stuck with 4 or 5 houses that they couldn't sell and were too far underwater to sell as the crash worsened.

Also what do you think about extending the privacy to the whole basement floor, which would basically include a family/TV room?  

So try another bank, preferably one that extends portfolio loans.

Yes, I do know how to do much of this for a single lot, so it makes sense to extend into calculating the costs for a larger parcel.

Explain to them that CA law means this letter would have been 3 days but you are extending this grace period to them as a courtesy just this once.This shows you are:1) Not heartless2) Strict with your lease3) Not an idiotIt also allows you to begin real eviction proceedings immediately if this guy is a deadbeat.As others have stated, you must also enforce clauses on your lease relating to late fees, etc.  

Typically they sell the mortgages off to the secondary market because that frees up more "money" to be able to circulate back to extend more loans and repeat the process.

Also, I've never seen a Fannie Mae that's not willing to extend for those reasons. 

I don't have an extended knowledge about this, but a big hurricane just passed over Florida, and I don't feel comfortable to buy in Florida.