Terms, covenants, conditions, easements, restrictions, reservations and other provisions, including provisions which provide for a private charge or assessment and also provide for an option to purchase, a right of first refusal, or the prior approval of a future purchaser or occupant, according to that specific Declaration of Condominium"ButThere is also ALTA 4.1 CONDOMINIUM--CURRENT ASSESSMENTS ENDORSEMENT which states: The Company insures against loss o rdamage sustained by the Insured by reason of: Any charges or assessments provided for in the State condominium statutes and condominium documents due and unpaid at the Date of Policy.Looking for advise on next steps.

Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum.

. • Does the borrower have cash reserves, or do I need to use a program that gives credit for the cash-out funds towards the reserve requirement?

Just as big box stores stayed open during Covid but small businesses were forced to close, this law will impede small business and force some businesses to close permanently.

Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum.

We keep a window unit in reserve to install in emergency situations.

A few things to consider when starting out:1) Be sure you have liquidity for the down payment, but also a healthy reserve account, since unexpected costs will come up while owning real estate. 

CPA's are a good resource to talk these matters out with, but ultimately the realm of asset protection should be reserved for attorneys imho.

You can never be too prepared - have reserves and back up plans for everything.

Of course, there are a lot of things to look out for...setting up an appropriate contingency reserve for unexpecteds, getting an accurate scope of work, properly knowing what your time-value-of-money costs are going to be, making sure you're contractor is not pulling crews for other customers, knowing codes and getting your permitting right, and the list goes on.