With current renters willing to sign a year-long extension, we have the place rented for $1,025/month.   

In the past my husband Jon and I have bought properties in A and B locations that require extensive renovation to hold as long-term rentals, but now we are looking into doing new construction in a few areas that are more "up-and-coming."

I'd speak to them about it first, and if they are okay ending 7/31 instead of 6/30, then just write and have them sign an addendum to current lease stating it's both extension to 7/31 and constitutes required 30-day notice to vacate by that date. 

@Robert Kirkley  Commercial loan where they have the flexibility to lend on properties that need extensive rehab (no kitchens, heating system, etc). 

If you have the credit score, income documents and the right DTI, I don't think you will get a better rate anywhere else.Just protect yourself and put an extension on the contract.

In a few years we would extensively remodel or tear down/rebuild.

I'd like to hear more about what type of property and how extensive a remodel you are planning on doing on each property.

We have a lien on both the property and the MUD receivables, There is a 3 month extension period with a buy back penalty of 1% per month and an equity kicker for us in the development LLC.

This person did leave peaceably, but I did give them a couple short extensions on the time frame.

Lower rates, lower fees, they do however take longer to close so I strongly advise an extension option in your contract.If one of the above is an issue, then private lending is an option.