They exist in NYC, but not as common. 

Which creates a crazy circular calculation that defies common sense, not unlike a lot of the other tax rules.

Lets call that the :( side.2) And there is the happy side... passive income (syndications, passive partnerships ie medical/dentist offices) and passive losses (depreciation, bonus depreciation via cost segregations common in syndications).

We bought a new construction detached townhome (think of a townhome with common areas but without adjoining walls).

These failures are common and help you learn what works and what doesn’t as you start to move forward with your plans.Embrace early failures as a natural part of starting something new.

The exterior and common areas are in great condition and present well 

So if someone can demonstrate you had no intention to close (as, for example, by demonstrating you had no ABILITY to close) you have no interest, and nothing you can sell without brokering.But in any case, it remains true in many contexts that specific enabling legislation, and rules promulgated under it, is going to trump general provisions of the common law of contracts.  

They are basically opposites.While I am guessing the pool is common in TX, just remember that its another significant liability when having a rental.I guess the other aspect is to you really want to be a landlord? 

2nd mortgage 30 year fixed 2nd mortgage are more common to get than a line of credit 

Software is a common question on BiggerPockets.