Your Lender may well take the attitude that you ALWAYS intended to flip it quickly for a profit - which if you read the fine print of what you signed, could be classified as mortgage FRAUD!

If you simply designate a portion of the property as your residence but don't actually live there you are committing fraud so you'll want to be careful there. 

Below are details on the "identical" property.Purchase price: $150,000Rent: $1,000/Mo. or $12,000/Yr.Financing: 20% down, 4.5% interest, 30 year term.

I'm sure there are complete frauds out there, but not all should be labeled as such.

Two comp all remodel nearly identical sold for 268k and 270k in last 6 months.  

When the sale went through, the appraisal magically came back exactly for the value of the purchase price, which was almost identical to the last city appraisal that was done prior to the roof, furnaces and painting.Soon after we closed, we completed substantial renovation work on the house, putting a new kitchen and bathroom and electrical panel in the upper unit, adding central air and completely repainting both units, landscaping the entire yard, adding an additional parking space to the property and adding new fixtures to the bathroom and kitchen in the lower unit.  

If you're managing it yourself without notifying the HOA, you're actually breaking two rules: 1) the unit will be managed by a property management company, and 2) you must notify the HOA of the name of the property management company.Regarding the proposed "on paper" property management agreement, that might be considered fraud if it were ever discovered.

While the units may be "identical" the view, location, and upgrades all effect price, and you have to adjust the comp.s for this, against the subject property.

@Jacobus Bor,That's toeing the line (if not outright) mortgage fraud.

There pose the identical excuses when trying to purchase real estate.