If your paying cash to buy and rehab then refinancing I get that.. but your still paying for two closing costs.

There aren't many lake front properties in that area for sale, but there are a number that are in the 800k range.

It also expands your opportunities, as there just isn't a lot of small MF for sale in these areas. 

Too bad I can't say the same for the anything close to the city...

Sale price: $222,017 JWB Real Estate Capital helps busy professionals from across the world invest in real estate in Jacksonville, FL.

When my loan was not going to close, it was one of the options that my broker and lender told me about and actually referred me to for a conversation.

Says they are "fly by night," never returned my Deposit, Closed in Austin, looking for more "Suckers in Tampa, Florida." 

Did they close on time and deliver as promised? 

My business is listed or sale so I am thinking if it does sell that the business would then just stop paying rent and I would still own the property.

You have three choices...transfer the property and keep the loan in tact hoping they won't trigger due on sale, refinance into a loan that allows it, or simply leave things as they are.