The best cure is to get out and start doing deals.Choose one marketing strategy and own it to get the phone ringing.Once the phone rings the ball will start rolling and you will begin to learn more and have even more questions but thats what BP is for.

Why not do it formally with a notice to cure? 

I'd suggest you have a KY RMLO modify the note so that it can be kept current, depending on her other credit issues this may be doable in just over two years if she cures this by paying as agreed.

Use a glue that cures to a hard set so moisture and temperature has less of an effect regarding the subfloor.

Now that you're aware other people are living in the house, I would post a "cure or quit" notice.

Seller is never allowed to cure the default on behalf of the borrower.

That idea could give way to a reinstatement of the mortgage, depending on the amounts due to cure.

If any violation is found during the inspection, serve a Notice To Quit/Cure for lease violation.

The event is a minor breach and the contract will still be enforceable until such time as one party puts the other party on notice, through written letter most of the time, that Time is of Essence and allows the states reasonable timeline to cure the breach.

I would get a cost to cure estimate FIRST and then make my counter accordingly.