Thank you for confirming that it is unusual.

i just know it's not the brand new investors who have zero reserves, and can ONLY afford something if they finance using a HELOC as a down payment. 

They will just use the market rents form the appraiser and you will need to have reserves 6-12 months.

I'd also put up a notice and have them call the old PM to confirm the change because there are too many scams going on.For the monthly fee, prorate it and determine a fair price for transferring funds and setting things up.

Can anyone who has actually done this confirm, because my understanding was that it doesn't work that way.

Any information and details on confirming or denying whether a RSO can be used as an MTR would be helpful.2.

If they did go into a bank account it was to reestablish a liquify reserve that had been depleted - so interest rate would not be relevant here.

Hey Patrick, I actually ended up just meeting with my town's code enforcement officer and confirming everything with him. 3 other people in my town have used this program so far to build separate houses on their lots, so he had some experience with seeing the process through.

Please cease your collection activity until I receive confirmation through the above information requested.

Also @Tim Phillips something to be aware of in FL, all condos older than 30 years and taller than 3 stories are required to have a "Structural Integrity Reserve Study" performed before the end of this year.