What do you all think... any chance we get another extension?

The inspection was conducted and there were a few minor items that need to be addressed; however, the main concern that I noticed from the inspection is the age of the heating and cooling systems for each unit (all are functioning properly).  

By the time you get through the mortgage process it will be 60 days anyway and if you need to conduct a rehab your most likely at 90 days.  

If you want to pursue the landlord route, wait till we get complete clarity on what the federal eviction moratorium extension looks like. 

Perhaps you are thinking that this extension would help tenants that lost their jobs to stay longer in the properties?

My tenant was supposed to move out in April but has stayed with month by month extensions.

You are going to have a bunch of headaches qualifying and some more during the execution depending on how extensive is the project. 

Promissory Note should spell out how much you borrowed, interest rate, the time frame, what happens should you need an extension, what happens if you default, ect. 

The extra time to look for properties gives me time to relax and to do extensive property research, to sharpen my math skills for crunching numbers to compare.I like to move very slowly to make sure I am always making the best decisions to maximize my ROI.

. - a land trust cannot have a bank account and by extension, I do not believe it can have an EIN.