When we do renovations, we add the homeowner as "additionally insured". 

I am a young college grad in the DMV (northern Virginia) area and I am willing to purchase a place and rent out the additional bedrooms.

I get that they are a student, so these items are quite common.

You should feel relieved that he is going at this stage and that you have two months rent to cover your time to find a good replacement tenant.I would continue to demand the additional months rent according to the legal contract and threaten to take him to court to collect.

If you aren't subdividing, where will the money for the additional homes come from if you have just one parcel and it is securing the loan for the 1st house? 

Wife has additional income?

Those are pretty common and enclosing it brings other problems like good luck getting furniture or appliances in or out.

Thank you for pointing out the additional issues to be aware of.

So no additional offers can be entertained until the outcome of my process?

Our goal in offering stock to our customers was to allow those with the risk appetite to profit from our eventual success as a company should we our goals, in addition to the loans we offer for investment.