"Phantom cash flow" is a term used in real estate investing to describe a situation where a property generates positive cash flow on paper but not in reality. In other words, the cash flow is "phantom" because it appears to exist on paper but is not actually being generated.
A subject-to real estate transaction, also known as a subject-to mortgage or subject-to financing, is a creative financing strategy that allows a buyer to purchase a property while leaving the existing mortgage in place.