Some of the properties I'm looking at have sizable deposits and I'm trying to figure out if there is a chance I will need to sit on these for an extended length of time.  

I extend a lot more grace to tenants who have been with us for awhile before they fall apart.

Majoring in Finance, I returned home to complete my Bachelors Degree at California State University Bakersfield.With my degree in hand I wanted to extend my reach in the community so I started my Real Estate company Synergy Real Estate in January 2016.

Right now, I'm in process of buying a property with cash and the Title Company just sent a letter to both, seller and buyer (me) to extend the timeline by 30 days..

The house is on a slope and there is a walkout basement that extends 15 ft back into the hill/under the house.

But it sounds like they don't care until you're doing it for an extended period of time or for more than a couple of rooms.Looks like they want you to go legit and get a license like @John Anderson said.

@Luke Badalaty, only if the existing sprinkler heads are the flexible ones ( like below ). most sprinkler heads are hard piped, which means you would have to shut down the system, drain it, open up the ceiling to extend the pipe and then close it all up.

MDRA was extended thru the end of 2016. 

Basically I work for a company at corporate headquarters, which I consider my "home town", but I get sent out for extended assignments ranging from a few months up to a year.

I have been using a Rich Dad Cash on cash return on investment excel sheet - but it doesn't allow for extended yearly projections with renovations and increases in rent.