Kenny, thanks I am actually an property owner looking to help out my wife's extended family with their rentals.

If the deal takes longer then you expected, or permits end up being required or any other type of delay, that could lead to the hard money loan needing to be extended which gets expensive quick and would immediately tack on unnecessary stress. 

My extended family does not have the skills or business sense= not great with money.

You have someone else on title, you have a steady income, you have a TON of EQUITY, you have no maintenance costs, you've extended any tax liability and you still have an interest in the subject property, banks love that!

I'm considering extending the closing period if the seller is willing to reduce the sales price.

Renegotiated rents and extended leases without having to renovate property.

Be sure to get an agent and closing company with HUD experience as they have deadlines that are not flexible-The lowest bid that will be automatically accepted is 88% net to HUD-Once the property enters the Extended period, bids are opened daily M-F and your agent will know if the bid is accepted by mid-morning the next day

The issue I have is drawing on my personal LOC's for this extended period of time is pulling down my Credit Score.

Now I'm not saying to vocalize to the contractor that its okay to take the day of because you extended his schedule but mentally for yourself just prepare for the worst.

There may be some simple solutions such as extending the downspouts or cleaning the gutters.