we are setting up two OZ funds and would love to talk about what you've found. one is for land development and is more active the other is passive real estate ownership of extended stay. all are ground up. 

.- at year 7, can i extend balloon or notNo, unless it's in the contract or the seller agrees to it. 

These borrowers are typically out of the market for extended periods of time, have limited contacts in the debt world, lack understanding of how different loan programs work, and are susceptible to working with the one bank / credit union loan officer that they know through their family, friends, church group, college, etc.

I have each of mine under a Landlord Policy, but then have an umbrella policy over my own home and the rentals; extended liability coverage.

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

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

To maximize the sq/ft (and save cashola) and give it a more spacey feel, I’m doing open shelving instead of upper cabinets and the countertops will extend all the way to the near wall, fully covering the front load washer and dryer units, which also have their home in the kitchen.

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.  

You spend a giant pile of money before you make a dime of revenue.

Your approach to finishing the basements in order to extend the number of years a tenant stays in that unit makes perfect sense!