If I partner up with you I could lose my shirt .  50/50 partnerships dont work , somebody has to be 51% .  

As we learned in the financial crisis, the ratings services give their stamp of approval to any client willing to pay their fees.The ideal situation would be to get personal guarantees from the tenants or put liens on their houses, boats, and other assets.

Janette, the property I identified in my above post, per county tax stamps, sold last Friday for $20,000 +/- $500.

We'll just have to wait and see.Just for fun;I remember in 2000 when everyone was saying the market was hot.I remember when I bought my first house in 2003, and everyone said the market was really hot.I remember in 2005 when everyone said the market was to hot, but no end in sight.I remember in 2007 when everyone said the market was crazy hot, but don't worry it was going reach new hights.I remember in 2009 when everyone lost their shorts, shirts, and rowing paddles as the market crashed.I remember, selling all my real estate in 2005, because everyone else wanted in.

The plans come stamped by the state, which supersedes the local city or county jurisdiction!

The HOA is rich and powerful and they will surely fight, scream, and stamp their feet, but in the end the law is settled here and they are going to have to pay to get this back.  

@Schelley Stamps What about selling before the market shifts downward, then buying after the shift; but get less properties, that are higher quality than you have?

Once they see that you are initially just trying to inform them of their situation, then you can lead into their options....list the home on the market and hope it sells before the auction date, bankruptcy, or give you authorization to speak to their lender and write an offer that is less than what is fully owed.If they don't want to hear what you have to say..wait until the auction date is assigned and then send them a letter/postcard that has the date stamped in red on it...you may be the first to inform them.

I have literally seen agents put stamps on 1000 postcards before. 

Typically you must pay Doc stamps, publication fees, Clerk of Court fees, etc which can be approx 2% of purchase price.