Statute of limitations for written contracts is 4 years in Texas. 

I hope you're aware of the new Florida statute regarding 40-year rectification and its possible effect on reserves. 

Senate Bill 25 attempts to reinstate an earlier version of the municipal eviction statute (which had been ruled constitutional) to give landlords a more cost effective remedy against tenants who fail to pay rent.  

@John Thedford has in his post the definition that Florida uses for Equity Skimming per FL statute.

As a side note, download your state landlord-tenant statutes,know them, and follow them.

Here are some of the state statutes for MA: General Laws Section 62 http://www.mass.gov/portal  

The wording of the statute is somewhat confusing and there are a lot of people that think that debt must be replaced and exact debt must be carried on the new property.  

She just said, "Due to our underwriting guidelines, state statutes, and depending on the actual lien holder, a simultaneous flip is not allowed."

I was only up to the limit per the state statutes.)

I wouldn't be so sure of it.It always amazes me to see the amount of time or money one will dedicate to a career in real estate yet never spend a few hours (at most) reading the statutes covering real property law in their state.