This is a contract interpretation question and the contract has not been provided. lolWhat exactly does the contract say about the condition of the property to be delivered at settlement?

Thinking Fast and Slow by Daniel Kahneman, Behave by Robert Sapolsky, and The Happiness Hypothesis by John Haidt were all books that changed my framework for understanding the world.

Im finishing up fixing one right now and will be looking for tenant soon.  3rd property i go to settlement in a few weeks and will get to see the inside and will start rehabbing.

It was part of the loan mod and the paperwork (new note, etc.) would reflect that a balloon would be due after X years, at settlement of a sale or refi, or some other arrangement.

It is usually up to the seller and the buyer to try and clear up any liens at or prior to settlement.

The Special and Broad cover more types of losses and are typically a replacement cost basis rather than a depreciated settlement but make sure of that as that part can be endorsed on or off.With all of that being said markets are different and appetites from carriers are different around the country.  

I have a building in Berwyn, IL that is from the 1950's and we have some settlement cracks in all of the ceilings.

This is exactly the framework I was looking for.

Co-insurance requires you to insure to a certain percentage of replacement value in order to not incur a penalty in a claims settlement.

Your greatly shifting the framework in how often things compound.