So if i understand you correctly, my title insurance should technically cover any unforeseen circumstances against the title and thereby his interest as well?  

My intent is not to take a pound of flesh but have some recourse to get timely return of my investment so I can deploy again or get a proper return should unforeseen, but acceptable delays occur.

They should put together a scope of work and add a 10-15% contingency for unforeseen circumstances. 

I plan on house hacking this property at this time, due to unforeseen circumstances.

If you were a mentoring client fo mine I would want to see any estimates from professionals you received based on the inspection report and would want you to explain to me how far you would be willing to dip into your HELOC to finance any unforeseen issue that will come up during renovation (if you don't believe me watch any of the more prominent flipping shows on TV)5.

Being completely honest, and i'm sure not everyone would agree with me, but if you are serious about getting into Real Estate Investing take the time to save up at least a 5% down payment, and more for unforeseen expenses.   

The building is old, so there definitely can be some unforeseen issues.

Homes can lose value because of unforeseen things that are out of our control.

I have always had a goal to be retired at 40 and my last career would have provided it but due to some unforeseen circumstances I know have to change my way of getting there.

Whether it's a single-family or a four-plex, there are going to be unforeseen expenses in the first year.