Are there any other cons that I am missing for doing this?

"Peter, we notice you've been missing a lot of work lately." 

You just have to "miss" one time and the trees are ruined.b. 

Am I missing something? 

The records of the closed title company MIGHT show how they handled the issue, but more likely they missed this issue otherwise as part of their solution a mortgage satisfaction document would have been recorded at that time. 4.

Your post is missing important pieces :) 

One or two little mistakes in your underwriting, a miss on the walkthrough, and you will blow right through your profit and come out in negative. 

In my early days of rehabbing I used to wonder how the heck do people miss-fire and pee all over bathroom floors.

Will they institute the default rate over a technicality such as missing the completion date by a few months  or will they ignore the default rate because they see the reason for the delay wasn't entirely borrower's fault and borrower  has a plan of action to get the project on track?

When he missed his rent payment we gave him a notice to quit, he accused us of "entering his property without 24-hour notice", although I only knocked on his door and when he answered, handed him the notice.