For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

Should I seek legal help?

Additionally, regarding the legal structure, an LLC seems to be the most suitable option for our situation.

If HOA by laws state past due owners are responsible for all late fees and legal expenses for collection hire an attorney to go after the past due. 

CoghillWe’ve used AppFolio for many years to manage a large portfolio, and while onboarding can be thorough, it’s primarily to ensure compliance with financial and legal standards.

Signing the lease demonstrates they agree to the terms and then you can hold them accountable.If you don't do this, then the person named on the lease and paying the rent could disappear and you would have no legal authority to charge the remaining three for unpaid rent.

This second defeat at the ballot seemingly left WIP with few options, and it was looking like they way overpaid for this land that in it's current legal state could only be used as a golf course or park. 

It is an expense, but they keep it all legal and compliant.

Thus, they take extreme risks and look for corresponding discounts.Additionally, after the first position lender accounts for default interest, penalties, legal fees, foreclosure fees, accounting fees, and everything else, the equity in your combined <65% ARV loan can easily erode to zero.

Any legal issues I should be aware of in this situation?