Well, what would be happening is that your buyer would be buying your house subject to the existing note, since you can't legally sell the property without paying off that note or transferring the debt to the new buyer.

Honestly, I would not sign any lease until you positively close and legally own the property.

Most are fine with that, but a few will have problems with it and claim there are legal issues, etc..

I've always been able to find my STR clients investments that are legal and whose numbers works. 

An LLC is useful for two things: anonymity and legal protection.

Double check your lease, all the legalities and still check with the landlord....

Hey Deirdre,To address your questions:Providing freedom by handling day-to-day operations.Offering peace of mind through proactive maintenance and tenant communication.Reducing risks by staying ahead of legal requirements, tenant screening, and dispute resolution.Enhancing the bottom line by identifying cost-saving opportunities while ensuring tenant satisfaction to reduce turnover.Is the experience still important when the property thrives financially?

J Scott, one of the more respected authors/authorities on BP, provides scenarios in which wholesaling can be done legally and ethically.  

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Hey Santosh,As of right now you're extremely exposed regarding insurance and I'm going to assume legally as well.If the home isn't registered as a legal multi-family with the town that's something you'll have to correct ASAP and make sure the home is up to code.Insurance wise as soon as they find out what you're doing they'll cancel you as the risk has changed from a single family owner occupied home to a multi family owner occupied home.