The lender does IMO… Nobody declares bankruptcy if they own properties with cash unless they make dumb mistakes and cross collateralize.The cash investors might loose money but they won’t be bankrupt.Also, only when you build a base of 3-4 properties with cash, and fully understand the true income of your portfolio after consecutive years of performance.

What's your recommendation on how we declare this profit/loss?...

Building (additions & alterations) - review your condo declarations and bylaws. 

For instance, a claim filed under a federally declared natural disaster is most likely looked at very differently than a claim for a leaky pipe. 

I own a number of LLC's which are declared qualified opportunity funds.

All three houses cashflow and she is not interested in selling at all as this is her retirement plan and main source of income, however due to excess cc debt, a high DTI, low credit score and lack of financing options, she is extremely cash poor. she is at the point where she could and I think should declare bankruptcy on those cc's, and move the houses out of her name. in order to get financing, all houses need to be in LLCs, which they aren't.in order to kill a couple birds with one stone, my mind goes straight to 1.

I guess I’d look at the tax returns and see if he declares his income and is making 3 x rent. 

@Teena PhoolkaLike @Josh Young said, check the declarations of any HOA.

Hi, yes its is zoned RT-4 I have the zoning certificate There is no basement water seeped in during a really bad storm fema even declared it.

It sounds really absurd but true.I have heard about the title insurance endrosment but not sure why they could not get an affidavit from us declaring we will not declare this property as homestead in the future.