The truth of the matter is, I have no legal or IRS issues with this approach, which has been confirmed by several attorneys and CPAs.

The seller on all of the properties....Some city Commission (forget the exact name) I looked it up; the guidelines were all OO and down payment assistance for people that couldn't normally qualify for a mortgage.Anyway point is it's prob 25K because your taxes might have helped pay for it to be built and sold at that price.

I am of he opinion that one should use every advantage to legally avoid or postpone tax consequences.

R Collins Steven Hamilton II (I @ Steven in response to his comments about going to court)I can't speak to specifics of FL law, but I can tell you the general legal concepts involved....When you purchase a property subject to a condominium association, homeowners association, or master association - your obligations stem from accepting the deed to the property.

I don't know if this is right or wrong, legal or not.

Go further in property and casualty will give you some great insight to legal issues, negligence and real estate risks. :)

-property tax-insurance-vacancy-property management-maintenance-capital repairs-legals and accounting.From the remaining 50% you service your debt, if any, and the remaining is your profit.

All counties have adjudicated news papers, the papers approved for placing/publishing legal notices (foreclosures, court cases, business sales or transfers....anything requiring legal notice publication).  

Is that legal under the SAFE Act?

This may be more than the buyer you have can afford.This doesn't mean that it can't be done, but there might be tighter guidelines per bank.