I haven’t seen your listing so I don’t know if any of the things I mentioned are even on the right track but throwing out some possibilities.

I'll start with the County's deeds records, then onto the Title company as you mentioned and then back onto to the Seller/broker. 

You mentioned the building is fully leased, so your income is most likely going to be fixed until the end of those leases, whether or not you put in money for repairs. 75-80% is common LTV on commercial loans. 

His attorney had mentioned to us that once he reaches 5 mortgages in any given year, that he would have to register as a mortgage broker.Is this true?

@Michael Smith as @Wayne Brooks mentioned REOs are typically sold free and clear of liens.

Miami does have higher rents compared to the other cities I have mentioned due to population density.

There are obvious fees associated with refinancing, but it might be worth it if it allows for more time to vet the lender/consultant/contractor and potentially avoid one of the pitfalls mentioned in previous posts.

Not really enough experience to mention it but I will anyway.

@Ricardo SabogalWhat I mean is there is a lot of gray area in some of these rehabs, and unless something is specifically mentioned in the contract, it becomes a matter of "whats industry standard".  

Tenants usually introduce the bed bugs to the unit from clothes or furniture like you mentioned.