My mortgage (Principal & Interest) + Taxes & Insurance (Read "PITI") would be about $1500 with 3.5% down, so I'd be living rent free.

Principal Interest Property Taxes and Insurance, and HOA if the area has one (doubtful due to age of the property).  

Extra principal payments knocked off a year, so that’s why I’m down to five years.

I have never had a problem putting a new loan on them at that point with the original or a new lender at current interest rates.But that's generally because A) the properties had appreciated in value and B) there is quite a bit of principal pay-down on 20 year amm in the first 5 years.My decision has always been more about do I want to pull more money out, roll it into another 20 year product and lower the payment or continue paying it off on a 15 year schedule.To deal with those questions and answer your question about 'protection', is kind of a personal business decision.

The DSCR is calculated by taking the NOI (Net Operating Income) and dividing by the annual debt service (which is the total of monthly loan payments, including principal and interest for the year).  

The dealer pays you interest only payments for 30 years, with the principal paid back at the end of 30 years in a balloon payment. 

The settlement date was in March so unless there is some statute that tolls, I doubt it.I don't think the attorney in fact can help resolve this situation at all... the principal is dead.If Jared really wants this property he'll likely have to start over with the heir(s).

Similarly banks dont like to do commercial loans on properties that are less than 200k (this varies by the bank) because there isnt enough meat on the bone for them to make any money in the form of Principal and interest on the small loan.

Selling a property in the first 7ish years with a mortgage is not great because the strong majority of your mortgage payments are interest and the principal balance doesn't go down much. 

During the draw period you are paying 1% of whatever your balance is and it is lowering your principal and interest with each payment.