If you go with $10K in repairs and do a smaller increase in rent, how much money will you lose each month on the lower rents (keeping in mind you are 'saving' $15K by not doing the more extensive renos)? 

You should ask for an extension. 

You're above the 1% rule, get to take advantage of bonus depreciation (I recommend conducting a cost seg analysis), and you're positive cash flow.

Eviction of tenant who is a relative of deceased owner will require extensive documentation and legal counsel.Can someone explain a little further what this could mean??

My ideas so far:Approach the owner for an extension on my contingency period for more time - but that won't change the numbers.

Owners got an extension, filed bankruptcy, cancelled.

Then for the few items that you'd want confirmation from local counsel, such as your form of tenant lease agreement and any eviction proceedings, you can engage someone local to the property, meaning licensed in that state and able to conduct evictions if the need arises. 

Build master suite as an extension to the house?

Projects updates are conducted via e-mail (repairs,account information, etc).

Any left over amount Uncle Sam and your state governor will help you by investing a portion in pothole repair lunch breaks, subsidizing the care of dogs owned by the homeless and conducting study to establish if a study is needed to study the effect late night/early morning traffic has on marsupial wildlife living near the freeway.