You could declare it has vacant but you will be required to secure all windows and doors, install floodlights and maintain the landscaping on a regular basis.2.

The insurance is about right since it is an HOA-6 policy that covers LL liability and interior depending on how the condo declaration is defined.

I publicly declare my goals, and work to hit them. 

We shook hands and declared the deal to be done.

However, if you do and you want to then declare it as a primary residence for sale purposes, you have to report all that depreciation as income.

If Tenant fails to pay rent when due and the default continues for three (3) days thereafter, Landlord may, at Landlord's option, declare the entire balance of rent payable hereunder to be immediately due and payable and may exercise any and all rights and remedies available to Landlord at law or in equity or may immediately terminate this Agreement.

And I do like to flex my imagination muscle and practice my business planning skills.   

(except for you have a Declaration of Homestead if it exists in CA, we have it here in MA up to $500K).  

The other 3/4ths of the property is an investment property and I'll bet they've been declaring rent and depreciating and writing off expenses on it for their period of ownership. 

You can only have one primary, and my other houses are rented and declared as “rentals” with the IRS.