No, that basically just means the seller covers your closing costs up to 3%. 

They don't seem to care (or understand) that this will sink our building financially - they only say that we need to bring things back into compliance with the laws and are not offering any other solutions.We are looking at a potential VERY high special assessment to cover a lot of repair expenses (mostly to interior work due to tenant damage of rented units) so I'm looking to arm myself with information and questions to ask.Any input will be GREATLY appreciated! 

@Jeffrey Evilsizor if the policy covering the property is in your personal name, and you set up an LLC where you are 100% owner, I have a hard time believing the insurance company will come after you.  

I am a Real Estate Agent that covers Philadelphia, Montgomery, Chester, and Delaware counties - the more criteria you provide, the better results you will yield from any agent. 

You can budget around 4% of the sale price to cover these.This is a conservative formula.

So I'm diving into these RE Investments and have covered soo much ground within the past few months.

Oh ya, and they won't promise they will cover the properties and may take a few days to decide and we are suppose to close escrow, on a cash purchase, this week.  

Parents own a floor covering company and was raised in construction.

Cha Yang,This might be extreme, but maybe cover it with a super-large tarp such that it's not obvious you're concealing a dumpster.

@Dena Wesley, Shelter Insurance has a rental policy that will cover a vacant property.