By putting your P&C insurer on notice and having them chase the Renters policy, you will create a "ding" on your policy (as the claim would be filed against your Property policy). 

This is at a minimum; many transactions will also include one or more of the following: assignment of rents, default judgement, fixtures, furnishings and equipment lien, notification of legal representation, additional security interest document, correction agreement, UCC filing, notice of fees, Usury acknowledgement, extension fee agreement, non homestead affidavit, truth in lending acknowledgment, and probably a few more that I’m unfamiliar with.If you’re asking about interest rate and loan terms, a general guideline is that interest rates can be as low as 6% and as high as state usury laws allow, usually 18-24%.

@AR Rodriguez there are some sample "yellow letters" on BP at www.biggerpockets.com/files.

This eliminates the need to file a claim with your insurance company.

You didn't mention this, but I'm going to just put this out there as food for thought.As a US Citizen, you're required to file tax returns in the US, no matter your dual citizen status, where you live, work, etc. 

Will I have to file both an NC and Illinois state income tax return?

@Bobby BalowYou want to look at Form Schedule E - Line 18(or line 14 if you filed form 8825).If depreciation line is blank you must fire your accountant.

In short, a preforeclosure is only identified when a is pendens is filed.

Ultimately, I plan on using my own insurance broker, but he is having issues getting the paperwork filed efficiently given the pandemic and riots.

Those would be saved in our locked filing cabinet until move-in day.