I like to think it shouldn't be an issue for you especially once you have held it and can show stable performance for a few years. 

Originally I was going to flip it, but decided to keep it and it has performed for me well.

Good Evening, I'm just curious if anyone has dealt with extensively with Commercial Real Estate...  

Based on promises of future action and performance, less than 5% of newbies ever follow through. 

I do not fit into this category.I learn through experience, and I have invested in my properties after extensively driving and walking the neighborhoods in which they are located.

Please advise on whether it would make sense to add an extension to the house to provide a second bdr to the first floor unit (700 sq ft extended to 900 sq ft) at cost of 25 to 30k.

Supposedly HUD did an extension for the M&M awards until the end of May.  

This means:Even though the tax card states that Bank of America is the lien holder, there's a possibility they've disposed of it (selling their non-performing note) prior to initiating or during the foreclosure process. 

I'm not sure what their split is.Starting out you'll have to be extra cautious since you may not know how this contractor performs.

If the borrower performs, we will negotiate a modification.