For example, utility bills, vacancy rates, interest rates etc are all random variables that we try to account for.

No guarentees,  of course, before another appraisal, and an application as extensive as Wells Fargo's.   

I'm assuming that since this is your home that you are paying for all utilities? 

Hi Steven, My team and I have extensive experience in owning / buying / selling investment properties and would be happy to help with any insight you might have. 

If we let him out but require him to pay rent untill we fill it we could potentially not get the rent out of him for that as well.Should we say we will sign a lease extension with aren't bump after the 6 months?

I'm not sure of the section 8 codes since I have never had to utilize them.I would be concerned about liability of listing something as a bedroom that does not conform to code. 

Have a real estate agreement of sale that had to be extended already we are supposed to close tomorrow but hard money lender is not ready and says they need a 2 day extension.

I admittedly had a booking from a guest who wrote such extensive messages and was so clearly OCD I was super concerned she'd end up complaining about every speck of dust.  

Worksheets will be utilized by tax software for that part.

Probably closer to 7.5% each.You should verify the taxes through the town.Any shared utilities that you'll have to cover?