Sorry to hear you are experiencing this.Everyone listed on the lease remains responsible for rent/property damages.

Finding a professional that understands how to help you minimize your tax liability while also remaining compliant can make a big difference.Let’s first start with the basics of understanding commercial property tax regulations.

My plan is to endorse the insurance claim check, send it to my lender to pay off the mortgage, and request a check for the remaining balance.

One way of doing this would be to keep everything currently in your father's name, create a living trust, and son and daughter would be beneficiaries of the trust, and properties will remain in that trust upon your fathers passing in the future, from there you will have options as to what happens. 

The remaining 85% is subject to bonus depreciation for the part you use as a short-term rental.

For example, 7.5%.3) The difference between the 7.5% and what the actual rate would be (3.75% + SOFR = 9.33% - 7.5% = 1.83%) is then accrued for the lender and collected on the backend, before LPs receive any principal.Counterintuitive but lenders are more likely to modify into the terms above if there's no common equity left than they are if common equity remains.

Despite the headwinds, sellers continue to see home prices grow, buyers’ appetite for housing remains high and bidding wars are still occurring.

It makes more conscientious of remaining as anonymous as I can and remaining under the radar. 

Yes, you should pay off the debt and remain debt-free.I would sell the property with the 127k loan at 17% interest, which is ridiculous.

If you have had long term tenants you have until July 22, 2024 to complete this and remain compliant.