The substitute of collateral was more of a scenario where you sold for $155K, and instead of paying off the $88K loan in your scenario, those funds stayed at the title company and were used on a cash purchase happening nearby in date. 

What penalties are normal for this type of partnership?

For OO owning it for 2 years of 5 gets $250K gains per spouse of tax free gain.  

Vacant land, or an existing house you tore down, and built a new house on the cleared land? 

Here is a clause from a Heloc I have that would be relevant:Trustor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent.

Hey @Guang Yang, no need to use any kind of extra stuff for a single unit like @Patricia Andriolo-Bull said.Just use the built in tools on VRBO and AirBNB and you will do just fine.

Quote from @Fulati Paerhati: I am selling one property and planning to do a 1031 exchange.

I just signed on with one of my rental properties.

See below for the detailed breakdown of each.

Most lenders (they are not a lender, rather a broker) doesn't have fees of this kind.