PLUS you get hit with an additional 10% penalty.So say you were in the 25% tax bracket, you pull out $100K, they take out 25K for taxes+10K for the penalty. 

Next year they are launching a ferry service into NYC for commuters in addition to the bus services.

Like I said if you so not stand to lose or suffer what's the harm in giving them an additional month?

Additionally, if you really want to find a deal this way you'll need to keep on marketing to these people.

These are professionals with additional training and a stricter code of ethics.

These are professionals with additional training and a stricter code of ethics.

In addition, they have always paid my $50 late fee, which compensates me for allowing this behavior temporarily.

Your equity is reducing your possible returns not increasing your cash flow.If your father has no use for additional income he could leave it where it is and not care if it is impacted in a market shift or he could pull it out and invest in a income fund or a REIT. 

The below link takes you to a BP post that provides some additional information on this: https://www.biggerpockets.com/forums/93/topics/493...

I was quoted an additional $70 to have it done.At first glance seems like it's worth having done and if it is detected negotiating it out with the seller.