I know sometime rehabs dont use materials that are suited for tenants.So keep that in mind as with tenants it may come with needs to fix things up when u want to sell again.You said that u had over extended with remodeling cost seems to me like you may have price the house too high?

So make sure you are not financially over extended. 

Further away it shouldn’t have much impact assuming the area is good from an economic standpoint and the environmental impact doesn’t extend off site (like a groundwater plume that extends for miles).

With that said, it may still not be too late as they often extend the time or a new countdown may come up.

Should it be drawn from for an extended vacancy or to get a rough property rent ready?

It is important to set micro-goals for your follow up, such as obtaining a face-to-face meeting or extending an invitation for a more detailed discussion. 

We are in the process of separating meters, but have a tenant that wants to extend his lease so he can present it to receive his driver's license.

Ignoring the fact that my lease is up in a few months (I don't mind extending), I wanted to home-hack a Multifamily.

The cons would be the cost to refinance and possibly extending the term of the loan.  

I won't be over extended to the point where if it's vacant, I'll be okay.