So if you have a claim from a Peril that's not listed in the policy, you don't have coverage.Special/All Perils - Covers all losses except the Perils specifically listed as Exclusions. 

If I go to the sheriff sale at the courthouse and bid $120K, does this go towards covering all of the liens in order of priority with the lowest priority lien-holder left taking the loss?

We may need to get creative.We’re going to need a good realtor :)Anyway, we have so many questions, too many for one post, so I’ll limit myself to two.

So in essence for the price range of the homes I have been looking at i am not able to purchase 415k worth of homes while being limited to mortgaging only 4 homes which has left me with the following scenarios:1) I use all profit and mortgage some properties for a total of about 350k worth of properties.

Typically the less cash you have in the deal the higher IRR but that also is not always the smartest business model as if you over leverage and their is a market correction or if your cash flow is reduced you are very limited with your options

If you look at the first picture there is a Vacancy & Credit Allowance just under the Total Gross Income and I've accounted for a 10% loss.

Only you know these facts.One item if you file an amended 2014 you are putting the government potentially at a disadvantage since the normal 3 yr statute of limitations could be expiring soon.

But, as we have said the real problem is the potential maintenance and Capitol Expenditures (CapEx) costs along with vacancies (loss of income)  with these types of properties.You might be better off looking into the possibility of doing a flip with this property.

If there is ever a total loss, you'll be able to recoup your equity and pay off the loan which is all you really need with these very old properties.

Hello Bigger Pockets community.I am looking for advice on how to setup a limited time joint partnership between 3 LLC's.