We found a motivated seller with a home nestled in the hills that needed extensive TLC.

Could be something happening in his life that he wants do so a series of short term rentals with extensions instead of committing to a longer lease.

Abel Thank you so much for this extensive advice with resources.

For anyone who is interested, these posts gave me an excellent framework for what to look for in a PMC and many key questions to ask:Part 1: https://www.biggerpockets.com/...Part 2: https://www.biggerpockets.com/...Part 3: https://www.biggerpockets.com/...Some of the following questions may not apply to you, but I've been writing down questions that comes to mind for a week now and have a pretty extensive list.  

I have extensive experience there doing about 500 deals, so I am not speculating.

I'd say I got pretty lucky, combined with my extensive due diligence of course.

How extensive were the things you had to put money in for?

I can't imagine there being a "requirement" to completely bring your roof up to code "unless" you suffered extensive damage to the roof. 

I think people take the path of least resistance and a signed extension is just giving them reason to start looking vs. just paying rent on autopay another month like they do every month. 

Do not pay for a rate extension fee unless the seller wants to write the check to the lender directly.