You will not have to pay the penalty nor taxes, but you will not be able to collect/spend the cash flow.  

If you are wholesaling, you need to let the buyer know that there is a lease-back involved in the transaction as they will be collecting the rent from the seller usually at closing.  

It's a collection of the best flipping info from the site.Oh - and be sure to set up some Keyword Alerts- especially for "Miami" so you'll be notified when people mention it here in the forums.Thanks again for introducing yourself!

A quick googling shows that you're supposed to collect Transient Occupancy Tax, although they may not enforce it much.  

@Roy N. have you ever collected on your "fine" or ever been successful in an eviction for smoking?

In this case, you would continue to collect rent, but they would have a set option price that they could exercise at some future point.  

So, it does not follow in all states that you can collect as a second position Mortgagee for deficiency.  

Arnie the judgment can be from a medical collection company, a scorned contractor, all kinds of things.If people do not show up or were given proper notice then a judgment is issued by default.The tenants can file a "motion to vacate" to have the judgment vacated.

If she has had trouble with collections, debt collectors, etc., then you should probably do the refi now.  

I find value in collecting, shaping and amending my thoughts on these matters.