@Matt Granger,Congrats on the decision to move on to something new!

Then make the best decision for you.

Only a few hours after that decision was arrived at, I came across this wonderful website.Over the past couple of days, I have listened to several podcasts and read some of the expansive BP material aimed at beginners.

I would not let that picture influence any decisions about the property.!

I will certainly consider the points you made when making this decision.

I, for example, rent not because my finances are poor but because my rent is 1200/month on a place that would cost me 250k.

This includes an entity that's purchasing a property, if you're the decision maker for that entity.

You won't find any lender foreclosing on a past breach that has been cured, IMO, as if that borrower were to object and require a judicial process, as they can anywhere, what judge would force an owner out for a condition that no longer exists and arising out of what may have been poor judgment?

As was well said above, you need the liability coverage: adequate underlying liability at each property, and an umbrella on top of that.You should really discuss this with a broker, look at all your options, and understand what each of the policies does so you can make an informed decision.

Is the lender ever initially involved with this decision?