"My question is : When should we consider a gut vs cosmetic rehab"This is something I wonder about often as well and it seems like many times when I say, "this is a gut" the investor comes back saying "we're just going to paint" and when I say "it just needs some updating" the investor declares "to the studs!"

Start with the underlying HOA documents (Declaration and Bylaws). 

I can’t take the spot and it will be declared unusable.

Home Rule can be pre-empted by the state legislature with a specific declaration that the specific statute is exempt from home rule.

If you do a 1031 exchange and purchase at least as much as you sell and use all of the proceeds in the purchase of replacement investment property you will declare non-recognition of any gain including depreciation recapture on your form 8824 filed with your next return.

They can declare ot uninhabitable and require the sons to vacate.

I've sold 2 classic muscle cars in my younger days and regret it today.

"Fine" to the extent that person doesn't declare the property his (it is his, actually) and you the partners out of the deal.If something happens with the rental (someone slips and falls because you didn't replace the balusters fully knowing the risk and despite the repeated requests from the tenant, in which case the insurance will not cover you since is considered gross negligence)  and the person on the title gets sued, all his assets will be at risk, personal and the rental.

@Jim Watkins 1) don’t advertise in a public forum that you don’t declare your income 2) go legit, start declaring 3) run your credit report and talk to lenders, you don’t know until you try

Does this mean that I would have to declare this income, just as if I had held this property directly in a sole proprietorship?