Once you are familiar properly evaluating a deal and identifying most of the potential obstacles, it becomes fairly straightforward and your profit margins go up considerably.

Thanks for the colleague request.The concept of TDR is fairly simple and straightforward.

A lawyer might be able to answer this better, but most rentals fall under fair housing laws (there are exceptions) and that protects against discrimination based on familial status which means children or someone who is pregnant.

Personally, if your market tends toward the former condition (better/normal appreciation) I think it's a fairly safe deal looking at the long term, assuming infrastructure around you continues to support the idea of renting it.

Quote from @Richard Kim: I'm a fairly new small time out of state investor who owns a couple multi-family properties in Cleveland.

No one has that answer, but I'm fairly certain that nearly everyone would agree it's longer than a year, and it seems that's all this capital call gets you.Next, consider why the lender is willing to make this extension. 

My only goal is to have all the details clearly spelled out so we can adjust price and deadlines in a fair manner as things come up. 

Much of this is due to the fairly low actual prop tax (rate actually paid) and that there are so many income brackets (many people pay no state income tax). 

@Robert Quiroz, I know this is fairly well covered at this point, but I align with Robert...  

Age: I think it will but you can minimize it by being knowledgeable, professional, confident, and fair.