There's also an issue of quit claiming the property to an LLC which can trigger your mortgage company to call the note, meaning they will ask you to pay the full mortgage right away.  

There is no clear test as to how many house flipping transactions you must engage in a given year in order to trigger the UBIT tax.

An option contract does not have to be filed as doing so can also trigger the due-on-sale clause. 

The deed application triggers the property going to auction. 

If it doesn't work then at the 11th hour pull the trigger on a reverse for that first property.  

It's has motivated me to pull the trigger on this adventure.

Terence Williams I just completed a rehab of a bank-owned property, so I can definitely give you some insight into how it all works:When you buy the property, you buy it "as-is/as-seen,"of course, so make sure you do your due diligence and take all the necessary steps to protect yourself before pulling the trigger.

I'm hoping this will trigger the alert feature.Thanks Che!

Lending to an owner occupant for a residential purchase is what triggers much of the mayhem.  

Obviously, if you cannot get financed or you are triggering some loan covenant, don't do it.