The best part is, once you get there, the train is ready to take off to the next milestone.

However, I'm not sure what the "specialist" part is referencing.  

We have run into several different scenarios, including a lending company who was working with a 3rd party lender that had "organizational" issues, so, after nearly 3 months of dragging their feet, they were not able to help us (wasted our time, plus the cost of an appraisal).

Is the modification initialed by all parties?

Who knows, depending on his/her financial standings, he might even be able to finance some repairs as well?  

I would price out the plumbing and electric for the smaller stacked units (think ge space maker or smaller) in the units before a free standing building....you just need a closet size space and they do this in the efficiency units (450square feet) where I have a condo rental..this may put the costs for electric back on tenant if individually metered..

There are no financial compliance issues with financing from related family.There are financing issues when you finance to an unrelated owner occupied party, Dodd-Frank is not the only issue.

Essentially, you are paying for something you hope you never have to use....but if it does happen, you have multiple parties in your corner fighting off a claim, for many years if needs be, and even if the limits of one were exhausted, you have another...and the legal fees alone could be large, so nice to have the insurers footing that bill and having an interested in settling or disposing of the suit....great question, though, could you be overinsured?

Obligations under a unilateral contract cannot be assigned without consent, bilateral contracts may be assigned unless restricted, a real estate sale contract is a bilateral contract both parties agree to do something.

I am not saying this is a bad deal, just something to be aware of.Since all you stand to gain is what is owed on the 2nd lien, you should be buying at much less than what it's worth.