But, practically speaking, the current Buyer can drag the process on, by refusing to cancel the original Agreement.

The best practice with multiple properties is to attempt to compartmentalize each property into a seperate LLC or limited liability vehicle.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

I think it's best practice to notify the insurance company that I have moved out and would like to have a revised policy.

You said they want to put it on the MLS so isn't this an exercise in futility? 

On a similar topic, what best practices do you put in place when repair costs run high?

I don't know how thought one would play out in practice.

I'm new to the commercial tenant space and was just looking for any insight and best practices to make the transition as smooth as possible.

Lloyd,You might run into some issues with using multiple heloc's due to either the DTI issues, or the underwriter exercising the right to deny based on overall risks associated with no liquid reserves being used. 

Is there a 'generally understood' practice in this regard?