Federally speaking a condo/HOA still has to abide by certain rules set forth by the IRS and absolutely must adhere to Fair Housing - those can't be "signed away".

The problem is if the owner gets caught and implement you, it could implement you in a scheme to fraud the federal government.

I approached Washington Federal and met with one of their loan supervisors who was giddy at the possibilities, yet a few days later she said they were giving us a no stating that the numbers didn't work.

When the title report came back on this property, it showed a 57k IRS federal lien against this property.

Where lease and statutes are silent, Texas and Federal common law control (rare). 

Alliance does 90%Aspire Federal does 90%Garden Savings does 100%

But dealing with marginal people is part of doing business as a landlord with tenants, people who by definition do not own the roof over their own heads and are on average 36 times poorer than a homeowner, according to the Federal Reserve. 

My question is how different is flipping these different from stick homes with respect to federal taxes in regards to deducting all the repairs and such.

I doubt they will extend it to the "A" lending portfolio as many of them have thriving "B" portfolios due to the extremely difficult lending environment the federal government has created in an attempt to help the affordable housing problem that was created by them in the first place. 

There is a federal courthouse going in 2 blocks away as well, construction begins in January.