I’m curious on whether properties are grandfathered in because I haven’t seen any STR’s with one in them yet as I browse listings and walk properties. 

I'm headed to go walk one of the duplex's today in a couple hours.

That means you have to hire an attorney with uncertain outcomes.This has happened on properties I have acquired, I have never had an issue with the Trustee, I just talk to them, walk them thru the deal, all has always been OK, never had to hire an attorney for a bankruptcy.

Say 20x30 10 foot roll up door and a walk through door?

With 40% down how can you walk away? 

If you don't believe insurance claims are slow walked at times, you've been in the insurance industry too long.

When I walk to the beach, it's about a mile away.

They could walk the jobs, ask questions and got to see the project through from start to finish AND got paid for the loan. 

Might as well go through the exercise of seeing what you could likely walk away with...and then what you could do with that money.If you can't hit a number that works, keep renting it...if you get the magic number sell it and move on.

I walked the beach in a T-shirt on New Years Day and this week it's mid-50s and raining.