Is he saying that he always pays his salary first before all debt?

I'd much rather be a recognized business with hundreds of properties that banks jump at the chance to lend to than a "nobody" with tons of hidden assets that has limited access to debt/capital to continue to grow with.

He does possess an extreme talent to be able to take something out of nothing, and make it look amazing!

They usually have unlimited personal liability and partners are liable on a debt even if the other partner signed and they did not.

We will be debt free including our little 3 bed 1 bath.

If you do not pay, attorneys go to court on behalf of association and file a FED (a forcible entry and detainer action) to basically evict you, the owner, and take possession of your unit and then (wait for it...) rent your unit out to a bonafide tenant until the delinquent account has been satisfied.

Not sure how much they look it to the application as far as use like a mortgage app.If your income is about $120K you'll likely get an unsecured line of credit at 30K, with good credit and no large debts, it will be issued as a credit card.

Like @Don Konipol said you would have to exercise your option to take possession of the property BUT if your option is for less than they owe it creates a short sale that would need third party approval (from the bank) for you to even exercise your option to purchase the property.

Our only monthly debt is our home, which we pay $1135/month on and is financed @ 3% for 15 years.

I had bad credit, school debt and had to borrow my first down payment.