I have discovered that 4 ft were added on to the original structure to extend the kitchen in order to make room for a washer and dryer (washer and dryers inside the kitchen were all the rave at one point in time...).

Do you plan to hold these properties for an extended period of time or sell them off?

I hear that people can do better with smaller spreads and shorter duration projects, but it seems to be a lot more work to me and it doesn’t really fit my style of investing.

The concern I would have would be the effect on the duration of vacancies.

If the lessor chooses to enforce their rights and not extend the lease, a leasehold property has negative value at the end of the lease because of the costs of removing the improvements.

I've been able to get over twice the normal rental rate and still come out profitably despite having to buy furniture and pay utilities because I'm cheaper than area extended stay hotels.

Credit counseling is a waste of time.Most people are trying to preserve credit and could care less about their creditors.With credit counseling you set an agreement.If you miss one payment or do not pay as agreed they lump all these fees on and report late.The best thing to do is if you have collections to offer a "payment for deletion".This is where to settle the account they wipe the negative item off of your report.You can find a bunch of free info at Lexington Law.Do not offer to make a payments over time as this extends the collection and does nothing for your score.Just like adding the word statements to your credit report are worthless.Example you are trying to get an item deleted but 4 months ago you put a 100 word statement saying the account is yours but amount is incorrect.They will use this against you to say the item is valid.So the less you say to the credit agencies the better.Just go online and dispute and say nothing else.They use the info against you to deny your claim.

However, by extending the radius a bit (5 miles), I was able to find a recent sale at $78,000 similar to this property.

The banker has promised extensions if they are needed and I really do think he will extend the loan, but my credit is at risk.

NEW YORK (CNNMoney) -- Flippers, the real estate investors who buy homes on the cheap and quickly resell them at a profit, just got a reprieve from the Federal Housing Administration.In an effort to help stabilize housing prices and unload some of the foreclosures that are flooding low-income communities, the mortgage insurer extended a waiver of its anti-flipping regulations through 2012.The waiver, which was initially issued in 2010 and set to expire this month, suspends regulations that prohibit the agency from insuring mortgages used to purchase homes that are bought and resold in less than 90 days."