I'm just teaching what i do - and it is clearly disclosed that I do not guarantee what i do will work for you; to seek financial and legal advice; and my information may be out of date - but this is what I do and it works for me.

It can be really time consuming to self-manage a property (the average self-manager spends 8 hours a week doing so), and if a manager is able to provide a guaranteed rental income without charging a commission fee, it often makes sense to pass off the work to someone else.Where is your vacation condo, and have you been happy with your current management situation? 

I can guarantee a close within 7 days from our signed agreement.

IRS penalties should only come when I remove earnings before a 5 year roth holding period has been met and/or before the age of 59 1/2.

@Stephanie Dobbs No, this will not work, period.  

Is there a way out of the contract after a period of time or am I stuck with coming up with the funds to close this deal?  

We're moving to a 6 year fixed/20 year amortization loan with a balloon payment at the end, however we have negotiated the bank adding in a guarantee of renewal to a new loan at the end of the 6 year term at the same % above prime that we close the loan at (eg; we're closing now at 4%, .75% over prime. 

If you want to find something in the $140,000 price range, it is not going to be possible on the east bench period. 

You could purchase the note and go through a lengthy and expensive foreclosure but as the note holder you still have to put the property up for auction so you aren't guarantee to get it.

I never signed anything period with them.