Every year, the lender's escrow department is going to pull the new tax bill and reach out to the insurance company to get an updated declarations page and to ensure that all taxes and insurances are paid.

And while going to school your going to practice those business muscles your growing and rent out the rest of the house to students you'll find via posting boards, per room.

The facts of the case are very similar to our situation—the Declaration of Covenants assumed by its use of the word “tenants” that some homeowners would rent their property.In Kiekel, the court found that the HOA had no right to ban short-term rentals, because “[t]he bylaw amendment contained extensive property use restrictions concerning the rental of property. . . which only could be accomplished through an amendment to the Declaration [ofCovenants].”The SCAG notes that the “court held that the HOA could not ‘circumvent the intent of the Declaration, the enabling document, by subsequently amending the Bylaws.’ … Kiekel, therefore, stands for the rule that where the bylaws of an HOA purport to restrict the use of property further than contemplated in the covenants, there is a conflict and the covenants will control.”The opinion of the SCAG went on to declare that “the general relationship between covenants and bylaws described in Kiekel is consistent with South Carolina law.”

The likely outcomes are that the bank would exercise the Due on Sale clause and you would have to refinance or somehow pay off the bank, sell or lose the house.There are some other things that could happen if it was determined to be fraudulent, improper or within two years of filing, or if they intended to delay, hinder, or defraud creditors by selling the property or if the sale (sub to) was for less than fair market value or if it was hidden in a trust (concealment) and not declared.

If there were some "PUMP" as declaring, that means NO TRUE DEMAND.     

YoureYou're correct once "mud" has been applied & cured sanding is the only way.Being really good at mud work is a muscle memory skill.

The only thing this particular group declares upfront is a preferred return, if any. 

What I gathered from the CPA is that when you owe the IRS money you are required to declare it, but when the IRS owes YOU money it is at your discretion to declare.

My question is, especially to @Lynnette E. is that if you dump your properties, you would lost money and probably declare bankruptcy, how could you then buy houses.

@Dave Foster:  My understanding is that you have to hire your Intermediary first, such as yourself, and then you have a limited amount of time to identify and then declare the property you are buying.