The bank will want something as a release of liability in selling the note to an individual or non-banking/mortgage company.

This property will not compete with hotels is what I thought  I PM Tampa primarily (also Ft Myers, Naples, Sarasota, Brandenton, and even some in NJ) and I just released by last unit (had 5 at one time) in Orlando area. 

John has released books & does case studies regularly.

My Hard Money Lenders held the money in escrow and would not release the funds until the work was done, inspected, and they knew it was properly done. 

Once the new tenant starts paying rent, you release the old tenant from any obligations.

Stick to the SOW, and always verify work before releasing funds.

I released them of duties earlier last month. 

“No, I’ll release the money on draws, that won’t happen…” Ok, so you need margin for when it’s 50% done and they say they can’t afford to get to the next draw point.

The one caveat being that when it comes time to sell or refinance one of the properties there may be a partial release clause, causing you to pay the bank back more (120%) than the original loan on that particular property.Happy to be a resource!  

The biggest thing you need to analyze is how easy is it to release this space if the the tenant leaves.