Besides survey issues you have to deal with HOA's, obtain tax clearance letters from the government and all deeds, except condos, must be attested by the public surveyor before closing (that in itself takes a week).I don't want to discourage you because I think investing in the islands can be lucrative, I have just seen many people from the states go in thinking that because it is the U.S. that it works like it does in the states.

Mentorship is crucial for structuring the Letter of Intent (LOI), due diligence, and financial analysis.

You can probably have a friend do it, and have him sign a letter attesting.

I would even venture to guess that it is not a simple letter to the lender or trade that gets a lien release.   

I would structure the lease as a corporate lease to the company, if the company wants the lease in the occupants (employees) name make sure to get a letter of responsibility from the company stating that they're financially responsible for the rental agreement. 

I am looking to find a low doc capital source to acquire them with a three balloon.

The carrier may issue a "reservation of rights" letter and ultimately deny indemnification; but generally they have a duty to defend.   

Or should I talk to him and ask for additional security deposit since we received the bankruptcy letter?

Also extend balloon or amort periods 5 to 7 years.  

Multiply those probabilities by one another, and you have a huge undercurrent of risk ballooning and compounding with each passing month.