It seems from what I read there that you wholesale a subject-to as you would any other type of wholesale deal; however, if the end buyer is assuming the remainder of the seller's mortgage, is the remainder the amount that is written on the Purchase and Sale agreement?

I'm assuming that is $200 after all expenses including mortgage?

Assuming you are the PM is this situation...1) you would need a management contract with the name of the new property owner  and designating this ABC as representative.  2) Re: rents. 

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

I'm assuming it varies from county to county.

I assume you are going to work in West Palm Beach so a 5 to 7.5 mile radius would be your target area. 

I am assuming that the differrence of 800 sq foot will work in my favor to get better interest rate. 

That's Assuming 4k in rent for the first And second floor since the basement is most likely illegally rented.Thanks again to all of you I really appreciate your help.

I'm assuming your exit strategies are Payoff loan, Reinstate loan, Mod loan, Refi out of loan, CFC/DIL, FC/FF, REO, Rent property, sell on a land contract?

If the lease ends in a month, and the previous landlord didn't provide 60 days, then you can assume there was no intent to renew the lease.