I suppose your strategy is likely to make money on the appreciation which you definitely will on a 5 - 10 year trajectory (1 - 3 years is lesser guaranteed).After building up and managing my 50 rental units, I've started a property management company here in town and if you want to shoot me an address I could give you more feedback, such as rent amount.Keep in mind the COVID eviction moratorium is getting extended to Jan 31st so it's very hard to get tenants out right now if things go sour.

Due to the moratorium being extended, I have considered getting into a fix and flip strategy.

The rates are typically higher than residential (3.9-8% currently for 5 yr terms), but with CMHC insurance, the rates are much lower and you can put as little as 15% down which also gives you the option to extend your amortization out to up to 35 yrs ( depending on the property). 

I just extended an offer on a SFH and it has been accepted.

I just heard in NY they extended the moratorium.

Fighting the market tends to lead to overpaying, over extending, and losses.We have made a few significant transitions in response to the market to reduce our exposure. 

Our lease is up in May, however, we just found out that a family member might be moving in with us temporarily and she may need to extend the lease.

Yesterday it was extended to April.I have the flexibility to leave everything under the original landlord's name until I can figure this tenant situation out.I was thinking of sending a letter from my property management company introducing new ownership, laying out the new terms of agreement moving forward by offering a lease.  

Will the seller apply my extended warranty approach for everything that has electricity, gas or water running to/through it?

Obviously you’ll still need a property manager since you’ll be unreachable for extended periods, but when you’re looking for an investment, try to get the newest, nicest three-bedroom house you can afford, in the best neighborhood, with the lowest crime and the highest rated schools.You’d still need to run the numbers to make sure things still cash flows, but by getting into an “A+” to “A-“ neighborhood, you’ll attract better tenants who are willing to pay a premium to live someplace nice, which means they’ll probably take care of the place so that it will stay nice.