"As-is" verbiage from the listing leads me to believe that some type of repairs would need to be accomplished though there are current tenants with rental agreements that extend for another year.

it will depend on if it has an addition put on it.....put a deck that has a roof on it that extends over the other roof and then it starts adding value. 

A mortgage or first trust deed is considered a lien.life capFor an adjustable-rate mortgage (ARM), a limit on the amount that the enterest rate can increase or decrease over the life of the mortgage.line of creditAn agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower.liquid assetA cash asset or an asset that is easily converted into cash.loanA sum of borrowed money (principal) that is generally repaid with interest.loan officerAlso referred to by a variety of other terms, such as lender, loan representative, loan "rep," account executive, and others.

Should I refinance what I  currently owe  to extend my term to 30 years?

But what if 199A is extended?

Ideally looking to be oceanfront or close to it with purchase price less than 500k, with the goal of having a "house hack" seasonal vacation rental for seniors or company extended stay sort of thing which would pay mortgage, taxes and HOA.  

Sure, this only tells that he is not risk tolerant to the extend of loosing 40% in a single year.

As @Tom Gimer said, not unless the contract specifically stated the closing date would be extended, preferably for a set amount of time.

I am going to an extended family function in LA & SoCal.

Should I just extend the Closing Date to whenever they're ready to deliver Possession?