Explain to them that CA law means this letter would have been 3 days but you are extending this grace period to them as a courtesy just this once.This shows you are:1) Not heartless2) Strict with your lease3) Not an idiotIt also allows you to begin real eviction proceedings immediately if this guy is a deadbeat.As others have stated, you must also enforce clauses on your lease relating to late fees, etc.  

Typically they sell the mortgages off to the secondary market because that frees up more "money" to be able to circulate back to extend more loans and repeat the process.

Also, I've never seen a Fannie Mae that's not willing to extend for those reasons. 

I don't have an extended knowledge about this, but a big hurricane just passed over Florida, and I don't feel comfortable to buy in Florida.

I'm looking to access equity in one of my rental properties to make another rental purchase.As things stand now, I owe less than 50% of what it's worth with a 28 years left in a fixed rate 30-year loan.Here's where I need feedback:I can get a HELOC as a 2nd for Libor +5% or as a 1st for Libor +3.5%.I was thinking to use the initial HELOC to pay off the primary mortgage then go back to the bank and ask to extend the HELOC to 80% LTV and reduce the interest rate to the lower rate since it would then be the 1st lien.Any feedback (positive, negative or otherwise) would be appreciated. 

This made them happy, but now I'm wondering how to not over extend my kindness, because I'm a naturally appeasing person.

Considered selling, but I would have to extend the note and pay taxes on the gain.

You can always extend the response period but you can't shorten it.You don't want to be tied up waiting for 6 months without a chance to exit the deal!

Account Closed I picked a place that (thanks to extended family) I visited 20+ times growing up.  

In a seller's market it can be tough to negotiate contingencies for extended closings contingent on your 1031 but it is certainly worth asking.