You've already declared that your room is designed as a subterfuge - re-read what you wrote. 

You need to form a LLC or a C Corp first, then declare the S Corp status. 

Think of it like they stopped paying one year and the bank files lis pendins/pre-forecloses then Spouse A declares bankruptcy first, which delays foreclosure then 7 years later Spouse B declares Bankruptcy which delays foreclosure another 7 years. 

For example, one of the most motivated groups in foreclosures are those who have declared bankruptcy, and then found out the bank got a motion for relief from stay allowing them to complete the foreclosure - those owners are truly out of options.

```````````````````````````````````````````````````````````````````How do I make money in real estate if I've declared chapter 7 or 13 bankruptcy, or have a serious problem like an IRS tax lien?

Once you declare it's your personal home Hard Money is out.

For example, if you see that the borrower has expressed interest in or applied for a  loan mod or forbearance, that's a strong indicator that they would like to stay in the property.Demand Letter - If a demand letter is present in the collateral, it means a default has been declared and the statute of limitations for the state comes into play. 

@Filipe MatosLOL, I'm really flexing my newbie muscles!

Usually the primary Docs such as By-Laws and Declaration are not as easily changed as House Rules, and perhaps, Architectural Guidelines.

Matt,I would suggest getting the condo documents (Declarations and Bylaws).