I'm not familiar with the market or the legalities of wholesaling Florida.

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.

As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement. 

It is an expense, but they keep it all legal and compliant.

What happens during periods when the demand for legal work is lower?

As for soft costs, you’re looking at a fair amount for a condo conversion-there are legal docs to have drawn up, reviews, surveys, recordings, setting up the HOA, reserve studies etc.

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

They legally have to have this document filled out if they pay you more than a certain amount over the period of 12 months.

TIAOne can walk away, or file legal actions.

Namely, that if a tenant (in this case accompanied by a whole family) ends up stop paying rent and I would be on the hook for both covering the mortgage and dealing with open ended legal costs and time.