Single Family Vacation Rental - La Bella Vie Cottage - with access to 1/2 mile of Lake Michigan beachfront.

My guess is the only way to work around this is to have the proceeds pay the loan down to that 75 or 80 (LTV depends on MI you have if lender paid, borrower paid, or some combo monthly paid) ....

They love our sugar-sand beach, crystal clear water and spectacular Lake Michigan sunsets.

They love our sugar-sand beach, crystal clear water and spectacular Lake Michigan sunsets.

They love our sugar-sand beach, crystal clear water and spectacular Lake Michigan sunsets.

They love our sugar-sand beach, crystal clear water and spectacular Lake Michigan sunsets.

I am a MI resident, currently work overseas in Bahrain and take full advantage of the foreign earned income exclusion(FEIE) utilizing form 2555. 

If you did it in Michigan, even better.

If I am using a purchase agreement provided to me by my title company in Michigan and there is no verbiage specifying the contract is assignable, would an addendum to the PA be sufficient?

That said I own a three bedroom two bathroom single-family unit in Michigan.