However, typically rental restrictions are contained in a condominium declaration (i.e., the document that creates the condo) and that can only be amended with a vote (usually 2/3) of the unit owners.

Declare bankruptcy?

Wait till you have a note holder who is incapacitated or just in a nursing home where the family did not go to court and have them declared incompetent!

I didn't reply to this immediately, as I had to think about it awhile.After pondering the topic over the weekend (While I may or may not have had a few libations to loosen up my thinking muscles), I came to the following conclusion:1) Tell him to get lost.2) Realize that what he's doing is asking you for an nonspecific change order because he is over budget and doesn't know where.

The part that convinced me the most was the fact that student loans are not forgiveable so if things go sour with my RE investing, and I have to declare bankruptcy, then I'll be left with nothing but student loan debt.

If you get a Walgreens or PepBoys in your building, you have some confidence they aren't going to be declared illegal at any moment.

For a safe pair of hands with massive muscle to back them up you cannot compare Memphis invest with any other player.  

If they have, then under this clause you could declare the property abandoned and then reclaim it without filing the eviction or further delay.Clearly, you'll want to get your attorney's blessing on the language, and I'm certainly not offering legal advice.

If someone bought a property today and rented it out, they would declare the income on their taxes.

Yep.They would issue you a 1099 (though it may be 1098), declaring the interest that you paid and they received, so if you paid them $20,000 in Interest (not payments, you have to remove the principle portion of the payment) they would declare that income (and increase the taxes on their 1040) and you would be able to deduct the interest as a business expense.So the government is whole, but the relatives don't make as much money as they tought.