It comes down to how long do you think the boiler will last once that part is repaired? 

@Nikki BaiExecuted Contract means the day both parties signed the contract.

They communicated the situation and we worked with them and all parties stayed in close communication until they were able to get caught up. 

You will need to learn what price to offer and how to make it a win win for all parties. 

Existing contracts always transfer with the sale unless all parties agree otherwise.

Hosting a yearly summer BBQ and holiday party could be a great way to accomplish this without getting into the weeds of legal factors of gifting rent at the end of the year.

We have a 48hr turnaround for draws and no 3rd party inspections.

I've already talked to a handyman and started the process but he's notified me that the part is backordered and he has no timeline of when it will get it.

The term is subrogation - they pay you then can go after other responsible parties for reimbursement.If you get to a point in the process where there isn't much further movement, consider hiring a public adjuster who will represent your interests during the claim process.Also lastly - get ServPro under control.

Start a meetup with other interested parties and the invite your local hard money lenders to give a presentation.