In a purchase, it's declared by the borrower on the application.

We can apply for conditional use permits, or we can declare the new unit through zoning as long as it meets all requirements. 

Long story short, I had to file for Chapter 7 bankruptcy, and it took me seven years to rebuild my life and raise my credit score back to 750.

But if you or even someone you hire were to violate collections laws, licensing laws, securities laws, or bankruptcy laws, you could be fined (or sued) for much more than the investment principle.

This is what I think I know:- The borrower can choose to pay off the note at any time (by selling the property or just paying off the loan with other funds), so it is important that the legal balance covers my investment and some profit- The borrower could file bankruptcy (can someone confirm that this will only cause delay, but not jeopardize ultimately collecting the legal balance of the note)- Most of these DOTs will have a rent assignment clause, so I could try to enforce that and collect rents from tenants (essentially manage the property) while I am holding the note and trying to foreclose.

THAT will, at some future date - about four years or so, put you in position to employ the mortgage acceleration strategy.If you have too much month left at the end of the money, well, there ARE debt reduction strategies available to help that at the expense of your credit rating - WITHOUT bankruptcy.

If you're looking to invest in Jerome Village, definitely factor this future charge into your cash flow calculations and maybe have your CPA take a look at the exact language in the Declaration. 

I suspect most of these funds will be unwound not with bankruptcy but with severe haircuts for the LPs and break even or slight profit for the top dogs, and let's go heavy into RE courses and teach you how to get out of your paralysis type plays.  

Holding EXEMPT (from bankruptcy forfeiture) assets, holding assets in exempt entities (retirement accounts, pensions, IRAs, in some states insurance and annuities), homestead exemption, remote entity protection (LLC, Serial LLC, Corporations, Limited Partnerships,) Asset Protection Trusts, using separation of assets for married individuals (in certain states) charitable remainder trust, etc. can be very effective though can be costly. 

Spirit Airlines is an interesting business model for you to reference considering they just filed for Chapter 11 bankruptcy.