Hey Eric in the words of the greatest president of the 20th century Ronald Reagan "trust but verify", You can listen to verbal declarations and opinions from the owner but never use verbal information as basis for dealing.

The process can vary by state.When a bank/lender is not paid on the mortgage/loan after a certain amount of time, they will declare a default.

If a Tenant violates the Declaration, Bylaws or Rules & Regulations, the owner shall also be held responsible. 6.

More people are declaring bankruptcy in retirement than ever before and this is only the beginning.

How do I declare it self directed?

@Dennis M.Wow...best replies I have read in a longtime...2000% accurate...this guy has unfortunately jumped on the BRRRR multifamily long distance bandwagon....and the wheels are falling off....I fear we will see MANY of these posts in the coming 12 months as people start seeing the numbers really dont work as those webinars so easily declared....

I declared the 2 properties then the fun began.  

If you must use percentages, then convert that percentage to real dollars before you declare success or failure.Example:  If you have a property worth $100k and have 40% in equity, you will have $40k in equity. 

This would mean at the end of the year you have to declare your normal salary (your former job) like past years, but as Jean mentioned you now have to complete Schedule E (or your CPA) to report all rental income and expenses. 

So if you do a deal and the declare bankruptcy a few months later you might have the deal voided.