I do some construction myself and have an extensive team of framers/ electricians/ plumbers / HVAC ect. 

If all else fails, 😀 ReSure's got extensive resources on all these subjects in our educational platform (which actually includes some plagiarizing from Michael!

One challenge was managing extensive renovations on a modestly priced home, requiring disciplined budgeting and planning.

With loan extension you might have to come up with extra payment to get DSCR in range lender will approve.That is why to go through this exercise NOW and if you know tenant wants 300k TI to extend and bank wants 300k to pay down estimated balance when new loan placed you need 600k to come up with.

This is often easier in lower tier markets where the appraisals are not indicative of how the property would sell in an arms length transaction.The other risk you run is over extension.

For the last 22 years I've been involved in real estate as a house flipper, with extensive experience in building and renovation contracting, owned a residential property management company, and now have a private money lending business (licensed NC re broker).

I've seen where people add so many loan extensions with optional payment.Say 1k gives you a 1 or 2 year extension and this can be done 4 or so times.This agreement could be changed so many ways to make it work.You could offer a higher interest rate after 7 years to extend to 15 years.

When you see what people do with old space heaters, guards and safety removed, plugging in several in one overloaded extension cors,... you can see where the concern is coming from.

However, if you have a more extensive portfolio or plan to become larger in the next year or two, I would look for a double-entry system that allows bank reconciliations.

If all else fails, 😀 ReSure's got extensive resources on all these subjects in our educational platform (which actually includes some plagiarizing from Michael!