did your contract dictate arbitration?  

And if the contract they signed had them opt out of lawsuits and instead go to binding arbitration [we have this clause], how would that play out? 

If there are no other comps I say again a new appraisal or arbitration is a waste of time and money.

This is why construction contracts should be air tight and include binding arbitration and contractual POA authorization so you, as seller, can release the lien without the contractor's signature.

Again I would be searching for a settlement instead of going to mediation or arbitration over such a small bill.

Also, the state of formation is likely where internal disputes would be brought among LLC members, so if you and a partner and/or spouse live in CA, you probably want to arbitrate in CA if the two/three of you had a disagreement.

If the vote is 75% or greater, we are forced to sell or enter a type of arbitration where the purchaser only has to offer fair market value under state law (Illinois). 

If zoning or regulations limit or makes your arbitration illegal, I still have longterm rentals building equity while you have sublease hanging around your neck.

In some areas; if there is a disagreement about a lease term, many managers will become a party to the litigation or arbitration, or atleast a fact witness, and that will take some stress and time and perhaps legal fees, even if you no longer manage the property. 

Note: The policy of title insurance will include an arbitration provision.