With this tenant, I think its better that I eat the loss of the two weeks and not give him an extension. 

Good Evening, I'm just curious if anyone has dealt with extensively with Commercial Real Estate...  

I do not fit into this category.I learn through experience, and I have invested in my properties after extensively driving and walking the neighborhoods in which they are located.

Please advise on whether it would make sense to add an extension to the house to provide a second bdr to the first floor unit (700 sq ft extended to 900 sq ft) at cost of 25 to 30k.

Supposedly HUD did an extension for the M&M awards until the end of May.  

Basically, I've had the initial conversation with them, asked about their houses condition, and the majority of these leads are folks who want retail for their house that's in need of extensive repairs.

Try to set it up for 1 year with a extension clause to give you some time for your exit strategy just in case.

One 6-month extension is allowed, under the same terms (another 50% fee).  

Due to extensive renovations there was no rental income until January of 2014.I'm currently completing my (back) 2013 taxes.

I have extensive construction experience and hope this can carry me through my first deal.