The reason I ask is years ago builders loved to offer bonuses.The problem came up is that many times bonuses were used as a hook "bait and switch".The builder would say it has to close by a certain date,or it has to be a certain price,no closing costs paid,etc.So basically many times the buyers broker would get screwed and get shafted with the bonus.The seller offering the bonus new they had outs to not pay up.Soon we had brokers/agents avoiding bonus properties tied to conditions.

The one thing I know about lawyers - some don't care to advise you that even though you are in the right according to the law, that doesn't stop someone from tying you up in court and costing you a fortune.

The mere thought that you would let a property sit for months while you pick the best tenant would make my bookkeeper and insurance provider shake in their shoes.

David I've been in your shoes.

You do need to put yourself in the shoes of the experienced investor though in order to understand...

So my understanding is that my hands are tied and I can't sell the property, move the note, or do anything with the equity without paying him off.

Do you just want to keep the 90k tied into property or refi, pull it out and go get other cash flow.    

One guy on here can hardly post anything without tying it to some success story or the wealth he claims.

One of them stops to tighten up his shoe laces. 

I find myself, on even day to day purchases/activities, saying to myself "if I save this much money today by not buying new gym shoes or not going out for dinner then I can put that back for the next rental".