The property will first go to a foreclosure auction where any third party can bid the property and become the new owner.

Any suggestions on how to navigate benefit both parties?

They might not even be a mortgage broker but a third party affiliate point taker that is unlicensed.

Redemption period in Tennessee is one year.You will not be able to get a title policy for 10 years unless you get the sale certified through a third party vendor.Watch out for "white elephants".

Draws can be simplified, but generally, it's preferable for all parties to avoid them.

These former occupants are typically deadbeats who are avoiding contact with various parties that want something from the deadbeat.

It is an unfair or deceptive practice for you to demand that a tenant prepay rent when a tenant is not obligated to and did not, in fact, occupy the dwelling, unless otherwise agreed to in writing by both parties (940 CMR § 3.17 (6)(d)).

Your best advice I believe and I would agree is to always consult an attorney when you are assessing your risk.You almost sound like an insurance agent, LOLThe only part I agree with that you mentioned is to see your attorney and that values may be different in different jurisdictions.I'd say the only ones on this site that can evaluate similar cases would be attorneys, certainly no layperson can make such an evaluation.When I had my insurance brokerage I also did finance work and estate planning with an attorney (who later became a judge) I did valuations for him for loss of work, loss of an eye, arm, leg which are pretty well statistically set, not wild determinations.As I said, costs of defense are insured, the attorney gets paid.If you are exposed to 50M in losses, insure for 60M.If you are under insured, you have a loss and your assets, like you said could be liquidated, but not all your assets, some assets are protected in BK.

I'd also be sure to use a third party servicer for payments to avoid any "confusion" over payments received.

But we plan to sell this one in another year or so again to avoid high taxes but mean while we have been remodeling the house with money out of our pockets, we get our money back anyways so we don't mind doing a little bit at a time to the house almost everyday.It has been a lot of hard work, a lot of sacrifice, a lot a lot of patience plus putting fun and having nice cars, nice clothing a lot of stuff people have aside to be able to have what we have now, but its all worth it because the best part is they have all been paid off in cash so we have no mortgages plus we get rental income coming in, but we are not stopping there we hope to continue to reach our goal which is having at least 10 rental properties and build our custom home by the time we are 55-60 years old we are now 37.