I have a good basic understanding of overall concept.  

Oh and he wants the house in Puerto Rico - from what I understand fared the hurricane well. 

Is my understanding correct that if they choose to replace it, they must abide by useful life calculations (its 4 + years old)?  

You need to understand how to translate the screening results and determine if they are qualified3.

People think that is the way to go but I've been listening to recommendations for about 4 years full time and I've heard good and bad stories about them about 50/50.So you can maybe understand what a 61 year old is saying that spent about 30 years in construction management and real estate might know what he is talking about is worth remembering. 

Orlando is a broad market with prices and rents landing in various ranges depending on area.

Tax liens as you get farther out east are more complicated than West coast tax liens that are fairly easy to understand and cut and dry.my sense of this is you have the right to pay the tax's and add it to your note balance.. just like if they did not pay insurance..I suspect you do have a Alienation clause in your mortgage as its pretty standard verbiage in most.but you have multiple events of default going on here.. so you can start at anytime I would thinklastly I think at least in many east coast states or counties to clear title they need a court action.. and at that time you would also be notified and be able as the lender to cure.. 

For some reason, I have the idea of putting together a detailed binder of my plan, markets I'm eyeing, different number projections and scenarios, etc. and understanding that binder backwards and forwards and pitching the plan to potential lenders.Is there some kind of 'checklist' of documents, figures, etc. that I can refer to in order to make sure I have everything on hand that I might need when addressing lenders' concerns and questions, in order to convince them on my plan?

They understand the numbers that go into your max allowable offer and many will want a quick / smooth closing, so sometimes you can get decent deals that way.

Always good for everyone to hear of these types of situations and to insure that when evaluating the deals, to understand a good reserve/LOC is required for just such instances.