If this is a great tenant who pays on time then will finding someone similar be easy and quick to limit losses? 

All of the weight cords have been cut.  

The disadvantage of the this coverage is that in a full loss or a partial loss, the company is going to deduct for deprecation. 

Even though my Profit and Loss Report by Class would show I took a loss on a building or a unit, my checking account never got into a negative, due to the money I placed in Escrow to cover such things; therefore,  tenants not paying rents, vacancies,  damages, and the other things I've mentioned above. 

I am kind of at a loss at what to do.Any help would be appreciated! 

I would imagine that as an individual, you would probably need a limited power of attorney, then you could call the loss mitigation department (or whatever it is called) and discuss on behalf of the seller.

Make sure the place already has a pool and benefit from the sellers loss.

This lends to going down the path of possibly providing the tenants with financing, installment contract, disguised sales, delayed closing transaction, equitable interest, refunds, lawsuits, loss of profits... etc.

Is it possible to include a clause that makes explicit that the tenant  elects not to purchase insurance and waives their right to damages and loss?  

I run my business almost a loss, so can't show income either.