@Bill Brandt, If I was only 250 years older I bet I could have got that included in the Declaration of Independence :)@Colby Shelhorse, The actual mechanism of the 1031 is that the adjusted basis of the old property is transferred to the new property by filing the form 8824 with your tax return after a 1031. 

Your question is "what if a buyer of one of our rehabbed houses declares bankruptcy?"  

Not sure if it is state or federal, but if a turn down decision is made based on info in the credit report, landlords are required to declare that (but not what the specific reason is, there is a standard form that can be used) and give them the info to contact the credit bureaus themselves.We have no evictions as a stated criteria, but applicants don't always realize that there past poor behavior went far enough in the court system to be on the credit report.

I was living with a friend who owned a home, I declared my rent of $500/mo on my loan application.

Except as otherwise provided in subsection (1) and as set forth below, the lien is effective from and shall relate back to the recording of the original declaration of condominium, or, in the case of lien on a parcel located in a phase condominium, the last to occur of the recording of the original declaration or amendment thereto creating the parcel.

It's like a cash business declaring tips.

At the beginning of this year, I declared war on waste at my house.

When one toilet gurgled the plumber declared that the whole line MUST be backed up.

@Rod Jones We've been down that road once and ended up walking away - the building had just the wrong amount of damage: too much for it to be viable for us to rebuild and not enough for the Vendor's insurance to declare it a complete loss.

Here in FL any late fee that exceeds 10% of the monthly rent is generally declared excessive and disallowed by judges.You should always enforce your late fee to make the tenants pay on time because their other bills will charge them late fees and or finance charges.