I would only lock into an agreed extension if you are getting more rent. 

You can also get extensions granted for delaying the listing to give time to owner and agents to stage the property, get pictures taken and prepare the listing.  

And you must keep accurate records- if you do not issue proper 1099's by the end of January you will pay increasing penalties.You're incorrect. 250 hrs implies the safe harbor - which is entirely optional, unnecessary and has been discussed extensively on this forum.

Upon the end of the initial term, typically 10 or 15 year extensions are made available with the completion of a sizable PIP. 

If you're willing to handle the maintenance and management, if you're willing to live nearby, if you're willing to see it as a business and not passive investment, if you are ready to get your hands dirty enough to personally develop the extensive skillset of a good handyman (and also make the investment in tools you'll need), and most importantly, if you have a good idea of the risks and you work to minimize them while accepting their inevitable presence, sure, there's money to be made.

Closing date, any extensions, etc.?

So I did $484,350 and $484,351.Holding constant everything but that $1 in loan amount, the rate bumped by 0.375%.Actually doing the mortgage broker thing and shopping it extensively might yield a lender where the bump is only 0.25%, or 0.125% with some minor amount of points added.

@Chino Perez I have extensive knowledge on Nashville STRs and I own them and we manage 17 of them at this time for others.

However, this evaluation has also become more nebulous to differentiate as many are using interest only for first couple years, then a bridge loan, such as a 5 year total with a three year (I/O) and then several one year extensions (3+1+1) and possibly an interest rate cap. 

Your agent should be supporting you on this.If the inspection was not completed within the stipulated period of time, then you have two options: walk away based on the partial results of the inspection or request an extension on the contract to allow for more time to complete the inspection.