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,

Start with something either turnkey or light value-add, so you can start forming your boots on the ground team with less pressure and risk.

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.

Haven't seen the other two come to fruition...or if they have, I haven't found out.Demand might be really high right now, but it would likely be dominated by people trying to find someone to pay the full contributed capital for worthless positions in failed deals. 

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

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. 

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. 

Completely renovated from the ground up in 2016, this home boasts fully restored original heart of pine floors.

I actually just did a dscr loan to pay off the hard money I borrowed on the second property (where we live and rent the actual house) I estimate the appraisal to come in around $215-280K which if I were to take out 80% would barley give me enough to buy anything in the FL market and have cash left over for renovations.Not sure if im missing a step here or if it might be best to buy an auction home with that cash to flip and have more capital to have more deal options.