I removed a staircase so I needed to extend out the floor joists further.   

My parents live out of state and the purpose was to give them a place to stay for an extended period of time and we will Airbnb it when they aren’t here to pay for the property.  

Market changes, unanticipated renovation expenses and extended sale periods all can affect returns.

we are doing similar but hotel / extended stay valuations are almost double apartments.

You could always extend if needed, but you have options.Happy to discuss offline if that is helpful. 

I think the right investor would do 2 units long term one unit short term. this strategy allows you the greatest flexibility. we are also developing an extended stay hotel that's 58 rooms. the size of the average room in that is 216 square feet and rents for a target $80 per night. our development cost per room is 100k per room with hard construction. the smaller you go the more money you make. if I was to suggest anything it would be to focus on the smaller part of the market and on multiple unit dwellings and finding and identifying markets that meet similar numbers. that will probably be midwest markets.

Good morning,I extend my gratitude to everyone for sharing their invaluable insights and expertise.

There is one other explanation, being over extended.

Let them know that is a firm move out date and it can't be extended. 

Cash-Out Refinance – Refinancing one of your properties to pull out $30,000 in cash can be an option, though it may extend your loan term or increase your interest rate. 3.