In my state it keeps getting extended.  

Tenant reply by email and they request a conference call to discuss and negotiate the leasing terms that will be suitable for them if they like the location i) your friend will then coordinate and connect the national tenant with the Fund Manager for everyone to get on a conference call or a zoom video to negotiate the term details such as how many months free rent, tenant improvement allowance, if they can go dark, any exclusives etc etc (Your froend should not worry about that part because the Fund Manager will can handle all those details) j) after that a Letter of Intent to lease will be signed by the parties reflecting the National Tenant’s intent time and proposed commitment to lease the space for 10 or 15 years with a NNN lease (NNN means: Tenant pays the lease plus taxes, insurance and maintenance) and a corporate guarantee (lease is guaranteed by the national tenant for the duration of the 10 or 15 years lease and it is backed by their entire company and their financing bank like Wells Fargo) and it will also reflect any other terms such as escalation of rent over time, renewal option for the lease if any etck) The National tenant usually sends a designer or representative to take a walk through the property and then they are ready to sign the lease agreement l) It is then that your friend will assign the deal over to the Fund Manager who will pay all cash and your friend will get an assignment fee (usually between $40k and $150k)Here is how the numbers will work: Property vacant under contract say $600k and now with a national tenant lined up to pay say only $5k a month NNN (meaning a base tent of $60k a year and the tenant pays taxes, insurance and maintenance and the lease again has a corporate guarantee) the property will then be valued easily at over $1,000,000 (6% cap) The upside instant increase in value is $400,000 and usually the assignment fee that your friend gets will be 10% of that upside which is $40k all done within 60 days (assignment fee could be 25% of upside if Tenant commits to 15 years and in this example it would be $100k (25% of $400k upside value increase) Please note that: - No real estate license is needed - No additional cash is needed from your friend - No rehab process is needed (all is negotiated as discount to Tenant to do improvements the way they want up to their standards because Subway has different needs than Starbucks or Fat Burger Eyc based on their style and standards) - No due diligence or inspections are needed on your friend’s part, it is all done by the Tenant’s Representative- There is No Down side risk because if no tenant responds during the 45 days due diligence, your friend can simply cancel the contract and get her $5,000 refunded (or whatever amount she put in as earnest money deposit) - This can be done wherever your friend lives in the US - Almost all is done by internet and phone except for a couple of visits to the property The fund manager gives the training, the Proof of Fund, the process, the script the support, the tenant list, the negotiations, and the cash to close because the property eventually gets assigned to the the deal estate fund This will not happen every 60 days but your friend has no downside, a huge upside and if done just 3 times in an entire year she will easily have over $120k in assignment fees’ income, plus experience (which btw achieves her goal of $10k per month) Here is the best part, usually after a couple deals someone like your friend will realize that she can grow on her own by getting the properties under contract vacant at a lower price for herself, then she can get a national tenant interested and committed, then she can then get a loan on her own and purchase the property at $600k.

When rates are very low for extended periods home values rise and even become disconnected from the fundamentals.

If you think they have the skills to get it done correctly you might want to extend an olive branch and do the unthinkable...offer to pay more after they complete the job to a reasonable standard.

Please note that per the multiple loan rules, the amount of the loan must be reduced by the highest outstanding balance of any other 401k participant loan over the prior 12 months (regardless of whether such other loan is currently outstanding).Monthly or Quarterly Payments: The loan must be paid back in equal monthly or quarterly payments of principal and interest.Interest Rate: The interest rate is equal to prime plus 1% (or CD rate plus 2%) and is a fixed rate that is set at the time that the loan is taken.Term of the Loan: Five-year term unless the proceeds of the loan are used to purchase a primary residence in which case the term of the loan may be up to 30 years.First Payment:For monthly payments, the first payment that would otherwise be due is delayed until January 2021 (e.g. if the first monthly payment would have been due on May 15, 2020, it will be due on January 15, 2021).For quarterly payments, the first payment that would otherwise be due is delayed until the first quarter of 2021 (e.g. if the first quarterly payment would have been due on May 15, 2020, it will be due on February 15, 2021).EXISTING LOANS:The CARES Act which was enacted to provide relief to individuals impacted by COVID-19 allows for increased 401k loans and more flexibility for repayment of these loans.Specifically, you must be an individual who meets one of the following conditions to demonstrate that you have been impacted by the crisis (and it will be your responsibility to retain documents in your files that demonstrates that you are a qualified individual):Individual who is diagnosed with COVID-19, with a CDC-approved test;Individual whose spouse or dependent is diagnosed with COVID-19, with a CDC-approved test; ORIndividual who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19; or other factors as determined by the Treasury Secretary.If you meet the above conditions:You may delay making any 401k loan payments due between 3/27/2020 and 12/31/2020.You must commence making loan payments in January 2021 (or the first quarter of 2021 if your loan payments are due on a quarterly basis).If you elect to delay making such loan payments, the term of your loan will be appropriately extended.

I'm sure many New Yorkers would be just fine skipping the crushing daily commute into "The City" to work from home, if it were possible.For me, the implications of this trend extend far beyond New York.

@David Haynes a good lawyer can buy you more time..there is a way to extend by 6mo

But I'm 95% sure he didn't extend it past that. 

The risk of second wave and extended moratorium is too big for me.

I'm assuming you're not making any warranties.You'll be charged for standard title and if buyer wanted extended title (which I always recommend on raw land) he should pay the diff + cost of ALTA survey - Usual and customary.If you're doing a 1031, make sure you're QI and title are in contact.