California declares Bankruptcy and red and black beans and rice could be Bartered.

Look, I have done it both ways and it just depends on the deal, but declaring one was is much safer or superior to the other is not always accurate.

So, open your mouth at your risk if you're doing something illegal.Next, under the SAFE Act it will be very easy to nail scoundrals, cheats, thieves, scammers and ripoff installment sellers that put people in deals, collect a down payment, then declare defaults, (the rinse cycle) and go on to the next buyer (the repeat cycle).

You need to check the HOA declaration and bylaws to see if the rental is allowed.

But then again A neighborhoods are a risk as well, you can have somebody with a high paying job lose their salary job, get hooked on dope or even worse declare bankruptcy.

Unless you are in a very low tax bracket,  capital gains tax would be less than ordinary income tax.I am 99.9% certain that the 5 year period to avoid capital gains starts once you declare the home your primary residence, that is, once you move in.Honestly, the difference between ordinary income and capital gains, dollar wise, isn't that much on 130k.

I declare you and Amy the winner.

A condominium is a form of ownership wherein an owner has fee simple title to everything inside the walls and roof of the unit and everything else is a limited common element or a common element with each unit owner having and undivided proportional interest in them.When a condo is being formed the land being submitted to the condo form of ownership is is described in the Declaration of Condo. 

I currently live in Florence but have lived in Muscle Shoals and Sheffield in the past.

Florence, Tuscumbia, Muscle Shoals, and Sheffield are, in my opinion, an undiscovered nugget for REI.