I would ask insurance companies to price your policy with and without a gym. 

If the attorney thinks it can be done, obtain a title commitment before starting so you can be reasonably sure a policy will be issued when you're done.I have run into situations where some of the heirs of the property owner have themselves died leaving heirs and beneficiaries and sometimes some of those heirs have also died. 

They have several types of policies especially for investors that plan to purchase as is and renovate. 

FHA and VA are government agencies and will have access to all of the applicants personal and financial information.

Their policy may or may not require a certified 3rd party appraisal for any taxable event such as a distribution in kind.Current valuation is all that matters here. 

@Xingcai Wu Keep in mind, rent assistance from the government may take several weeks before you receive approval.

After clarification of the policy you can transfer title into an LLC after closing. 

If that's the case, while I agree you should submit the claim to your title insurer and not the agent who issued the policy, I suspect the claim may denied as a matter occurring after the date of policy and therefore excluded from coverage.I handled a similar title claim and found courts had found that a tax lien as a result of a reassessment of the property became effective when assessed and was not retroactive. 

I'd talk to a Qualified Intermediary before you make a plan.It looks like the government may pass 100% Bonus Depreciation. 

If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.