@Andy Sabisch Agree.

Lloyds is offshore and I see them a lot in FL where they have the same issues as we do here in CA.   

Quote from @Steve Smith: Ken,Very good posts and I could certainly argue your points.

...and I could go on....

I also recommend you start looking for a professional property manager, at least until you educate yourself enough to run this solo.

Your son will be forced to sell or refi, and I bet you that this deal can't handle that situation. 

I'm relatively new to this industry and is trying to build a list of buyers/investors.

Through renovations of the apartment units and recently executing a lease for the restaurant space, by the fall my rent roll will be increased to $29,600.00, My total costs will be $2.85M, and anticipate stabilized valuation to be $4M and is a true trophy property I will own with my capital partners for years to come. 

Is this confusion on the lenders part, given that they are headquartered in a different state (Pennsylvania I believe), and is a matter of semantics, or is this standard practice? 

If you have vacancy or in need of a large repair, will you have the cash to also manage that?