In the NYC there's something called the "mansion tax" which is applicable to just about most of the MFHs in the good areas.

Number of applications received?

Nobody watches your money more than you do.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Mortgage application activity has already seen a bump as primary mortgage rates are nearing twenty month lows around 6%, FHA in the very low 5%'s (and I've even heard of 4.875%'s floating around..) with DSCR rates now in the low to mid 6%'s depending on credit profile. 

@Aaron     https://www.youtube.com/watch?

You might also want to consider a credit repair strategy to strengthen your application.

I read about commercial insurance but I am not sure if it is applicable here and if it is, please help me understand how it differs from the traditional landlord insurance. 

This is my first post on BP after watching so many videos.

You have no damages, though the previous owner at the time of demo may have had damages.3) Statute of limitation, if applicable, expires on nearly everything on civil matters at 3 years.