Should I get an electrical inspection done outside of the regular home inspection since this is an older home? 

If both are at low rates and your credit is good, I would save and buy a rental instead of paying off the loans (obviously continue to make the regular payments). 

Our regular electrician says $6K - $10 to do a house.

You only get what you are owed.If it goes to bankruptcy it STOPS foreclosure process as they try and restructure the debt and go back to regular payments potentially (depends on type they file)To be blunt if you never have bought a note before buying a non performing commercial note would be like handing the keys to a tractor trailer to your 16 year old kid and say go drive this as their first car they ever drove.

@Bryan Walsh, nice way to think outside that box.You would have to shop that around, and you might want to find some private money rather than a regular HM lender. 

I have a similar situation where my regular person left and I had a meeting with her replacement. 

If you're not checking in on your contractor's work regularly, who is? 

I realize there are no/low money down options and I have to be the one to grab the bull by the horns (which I'm doing to some extent by regularly taking in as much real-estate related content as possible), but I'm more just curious if anyone else has ever been in a similar situation where you felt like the clock is ticking.

I sent a 60-day notice certified mail and regular mail.

Does the water need to be regularly treated?