Number one being the location, with having a lot of extended family nearby.

I believe contractors will be busier than ever, this is a great market for investors in it for the long haul  A reasonable point;  with a possible glitch for the inexperienced.All costs, daily expenses to live etc. have increased across the board.Craftsmen have received compensating raises that will be maintained.Supply shortages will continue for awhile which can increase holding costs.Those holding costs will not successfully be mitigated by cheaply done repair/improvement.For the Long Haul, R.E. has a history of being a good investment when a reasonable financial plan is in place.Part of that reasonable plan should include readiness to  hold the property for an extended time.Have a Plan B available to cover market changes.

Now if the insured received an extended form policy my opinion might change.

If you have a fast food restaurant in there now (BK, Taco Bell, KFC, etc.) and the next tenant will be a sit-down restaurant there will be a considerable cost to convert it (also, highly dependent on the overall SQFT of the place)Overall, my advice would be to check your numbers and see if you can live with lower rent, if you do, then go back to the current tenant and ask, "at what rent will you stay and even consider extending the lease?"

I read your post and thought I'd extend a hand. 

He moved for a new job and is currently on extended stay, so he wants to secure the place immediately.Fortunately for me, he's willing to pay the price for the entire apartment while we search for a roommate.

Your identification period is extended to Feb 15 of 2023. 

If you can't find out or are unsure of the date, you may, at a minimum, want to extend Liability from your homeowners (if it will be owned in your name) or see if you can add Liability for it to another policy in the same ownership (LLC, Corp, etc.). 

Yes, as I know, LA County and NY, till Jan 2023 still under eviction moratorium, and they can extend it again...And YEs, I agree with you!

Anyways simply introducing myself to you all at BiggerPockets in hopes of extending a helping hand in some way, shape, or form.