Assignee agrees to release and holdharmless Assignor for any and all liability arising from the condition of the Subject Property.B.

Do you have any liability to the buyer or to the seller after the Deed is recorded?

However be careful about this since lenders will want to make sure that you are not going to just payoff any personal liabilities. 

Insulate you from liability?

I know people all over the city use illegal units for all sorts of things, but my goal is to maximize profits while ensuring I'm doing things legally and protecting myself from liability.

As an alternative, I am requesting contractors to sign hold harmless and release of liability agreements.  

But going off of what I said to @Theresa, I think we're having all these doubts about being able to use this space for anything at all without liabilities since it's an illegal unit.

If they don’t, I would want them to rent the equipment themselves to remove some liability.

Has anyone had to get General Liability Insurance for their wholesaling business?

It's a little esoteric because it's more theoretical since it just feels like cash is leaving your pocket.The pay down of principal on a loan is included in the net worth return calculation because on a monthly basis the liability is shrinking, thus increasing your networth on the other side of the equation as assets are subtracted less and less each time.Also I might be mistaken but wasn't the equation from Craig Curelop's book?