No experience with the 2 you mentioned, but I'm a fan of paying the year so I don't forget next month/quarter and the coverage lapses.

Then we could possibly have a dedicated staff (leasing agent, maintenance personnel, etc). 

I'm so accustomed to paying these commission fees without questions as it's the norm.

Make them pay the full deposit and first month's rent (proves they can afford it) then give them the reduction the second month.4.

Does this mean, I am not able to refinance to a lower rate in the future until 5 years or I would have to pay a penalty if I were to do it earlier than 5 years.Thank You,

B) Hold the lots, pay the taxes each year and just sit tight to see where things go, hoping in a few years demand will pick back up and then either sell the lots or build. 

Is there a fine they pay or does it say nothing?

The seller benefits from the spread between the interest rates of the old and new loans.Agreement: Ensure a clear agreement on who will be responsible for the existing mortgage payments and how any arrears or defaults will be handled.Seller Second Mortgage:Structure: The buyer gets a new first mortgage to pay off the existing loan and a second mortgage held by the seller for the remaining balance.Consideration: This may require refinancing the existing loan, which can be costly and may change the loan terms.I hope this helped.

How do I prevent someone from staying past their stay without pay?

I would grab anyone who will do it for you and I would expect you will pay 15 to 20% apr for those type of loans given the risk profile.. has nothing to do with you personally as a qualified borrower but for a PML if something went wrong and they are sitting behind 3 to 15k mil in senior debt most could not pay off the first to protect themselves.